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Williams \& Sons last year reported sales of $\$ 10$ million and an inventory turnover ratio of $2 .$ The company is now adopting a new inventory system. If the...

Question

Williams \& Sons last year reported sales of $\$ 10$ million and an inventory turnover ratio of $2 .$ The company is now adopting a new inventory system. If the new system is able to reduce the firm's inventory level and increase the firm's inventory turnover ratio to 5 while maintaining the same level of sales, how much cash will be freed up?

Williams \& Sons last year reported sales of $\$ 10$ million and an inventory turnover ratio of $2 .$ The company is now adopting a new inventory system. If the new system is able to reduce the firm's inventory level and increase the firm's inventory turnover ratio to 5 while maintaining the same level of sales, how much cash will be freed up?



Answers

A firm had sales revenue of $\$ 1$ million last year. It spent $\$ 600,00$ on labor, $\$ 150,000$ on capital and $\$ 200,000$ on materials. What was the firm's accounting profit?


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