The following data are pulled from a recent annual report. C…
The following data are pulled from a recent annual report. Calculate percent invested in inventory. Assets Raw material inventory: $120,000 Work-in-process inventory: $50,000 Finished goods inventory: $300,000 Property, plant & equipment: $500,000 Other assets: $200,000 Total assets: $1,170,000 Condensed Income Statement Revenue: $2,000,000 Cost of goods sold: $600,000 Other expenses: $1,000,000 Net income: $400,000