Question: Suppose a company made $2 million in revenue last year. The company began the year with $0.5 million in inventory and ended the year with $0.3 million in inventory. It cost the company $1 million to sell the products.
a) What was the company's inventory turnover last year? Please include the formula, at least one step of calculation, and the correct answer for full credit.
b) What was the weeks-of-supply of the company? Please include the formula, at least one step of calculation, and the correct answer for full credit.