Question
On average, a firm purchases $2,000,000 in merchandise a month. It has inventories equal to two months purchases on hand at all times. If the
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On average, a firm purchases $2,000,000 in merchandise a month. It has inventories equal to two months purchases on hand at all times. If the firm analyzes its accounts using a 365-day year, what is the firms inventory conversion period?
Note: IC = Inv/Avg. daily purchases
ROUND THE ANSWER TO THE NEAREST FULL DAY
61
31
122
91
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