Answered step by step
Verified Expert Solution
Question
1 Approved Answer
How many days on average does it take a firm to sell an inventory item if the average inventory is $42,800, the cost of goods
How many days on average does it take a firm to sell an inventory item if the average inventory is $42,800, the cost of goods sold is 78% of sales, and the yearly sales are $311,400? The profit margin is 6% and the tax rate is 35%.
a)15.68 days | ||
b)21.36 days | ||
c) | 40.24 days | |
d) | 64.32 days | |
e)82.03 days |
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