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Gibson's has sales for the year of $534,900, cost of goods sold equal to 65 percent of sales, and an average inventory of $75,900. The
Gibson's has sales for the year of $534,900, cost of goods sold equal to 65 percent of sales, and an average inventory of $75,900. The profit margin is 7 percent and the tax rate is 21 percent. How many days, on average, does it take the company to sell an inventory item? Assume 365 days per year. 55.78 days 85.37 days 73.04 days 51.79 days 79.68 days
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