Decision-Making Context: Determining how much inventory to hold in stock is an important business decision. In this lab, we use the inventory turnover ratio and the extent of waste to assess the proper inventory levels.Exotic Fruits, a fictitious company, stocks a wide inventory of fruits from around the world. The company is hoping to lower its costs and enhance the profitability of the fruits it chooses to carry. Required:Compute the inventory turnover ratio.Compute waste as a percent of cost.Create a visualization showing waste as a percent of cost (using a pivot chart).Data: Lab 4.1 Data.xlsxSpecify the Question: How much inventory, and which inventory items, should Exotic Fruits hold?Obtain the Data: Exotic Fruits has been keeping detailed data on its inventory, including sales price and cost per pound, average inventory, cost of goods sold, and waste/loss.Analyze the Data: Refer to lab 4.1 in your text for additional instructions and steps. Part 1 Upload one Word or PDF document containing all of your screenshots for this Lab using the button below.Note: Please submit your file attachment response in one of the approved file formats; Word file (.doc or .docx), Excel file (.xls or .xlsx), or PDF. To submit photo or image files please paste them into Word or PDF. Consult with your instructor as needed on their preferred file attachment format.Take a screenshot of the completed spreadsheet, paste it into a Word document named “Lab 4.1 Excel Submission.docx”, and label the screenshot Submission 1.Take a screenshot of the pivot chart, paste it into the same Word document, and label the screenshot Submission 2.Part 2 Answer the following questions based on the details computed. Note: Round the number of observations to whole number and all other answers to 2 decimal places. (Attached) Part 3 Note: Submit your answers for the following Analysis Questions in the text entry field below.Why are firms interested in tracking their inventory turnover ratio?Would a dashboard tracking inventory turnover or waste percentage be useful at Exotic Fruits? Should the company track performance on a daily basis, or is that too frequent?
