What is the reduction in inventory value

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Reference no: EM131874203

Question: A firm has redesigned its production process so that it now takes 8 minutes for a single widget to be made, from the beginning of the process to the end of the process. Using the old process, it took 15 minutes to make a single widget. If the production flow rate is 20 widgets per hour on average, and each widget is valued at $800, what is the reduction in inventory value (WIP) after redesigning the production process?

Reference no: EM131874203

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