Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A firm has sales of $710,000. The cost of goods sold is equal to 57 percent of sales. The firm has an average inventory of

A firm has sales of $710,000. The cost of goods sold is equal to 57 percent of sales. The firm has an average inventory of $23,940. How many days on average does it take the firm to sell its inventory?

a. 12.31 days

b. 16.90 days (*picked and was wrong answer*)

c. 15.29 days

d. 21.59 days

e. 10.77 days

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Supply Chain Finance Solutions

Authors: Erik Hofmann, Oliver Belin

1st Edition

3642175651, 978-3642175657

More Books

Students also viewed these Finance questions

Question

Relate energy to evolution.

Answered: 1 week ago