Answer Happy

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.

о о 55.78 days 85.37 days 73.04 days 51.79 days 79.68 days