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Company has annual sales of $639,486. The cost of goods sold are $398,675. The firm has an accounts receivable balance of $11,572, an accounts payable
Company has annual sales of $639,486. The cost of goods sold are $398,675. The firm has an accounts receivable balance of $11,572, an accounts payable balance of $8,017 and inventory of $18,546. How many days does it take on average for the firm to convert materials into finished goods and sell those goods? That is, what is the inventory period? Assume 365 days
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