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Crystal Inc. has total annual sales of $1,500,000, a gross profit margin (sales minus cost of goods sold) of 30%, current assets of $250,000, current
Crystal Inc. has total annual sales of $1,500,000, a gross profit margin (sales minus cost of goods sold) of 30%, current assets of $250,000, current liabilities of $150,000, and a quick ratio of 1.20. Beginning inventory is equal to ending inventory. Crystal has no prepaid expenses. If all sales are on credit and the business operates 365 days a year, how many days of sales does Crystal have invested in inventory?
a) 15.00 days b) 24.33 days c) 43.45 days d) 56.78 days
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