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Gibson's has sales for the year of $537,400, cost of goods sold equal to 70 percent of sales, and an average inventory of $77,400. The
Gibson's has sales for the year of $537,400, cost of goods sold equal to 70 percent of sales, and an average inventory of $77,400. The profit margin is 8 percent and the tax rate is 40 percent. How many days, on average, does it take the company to sell an inventory item? Assume 365 days per year.
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