Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Gibson's has sales for the year of $537,900, cost of goods sold equal to 71 percent of sales, and an average inventory of $77,700. The
Gibson's has sales for the year of $537,900, cost of goods sold equal to 71 percent of sales, and an average inventory of $77,700. The profit margin is 9 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.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started