Bob Gibson's Has Sales for the Year of $311,400,cost of Goods

question 29

Multiple Choice

Bob Gibson's has sales for the year of $311,400,cost of goods sold equal to 78 percent of sales,and an average inventory of $42,800.The profit margin is 6 percent and the tax rate is 35 percent.How many days on average does it take the firm to sell an inventory item?

• A)5.68 days
• B)11.46 days
• C)64.32 days
• D)71.74 days
• E)82.03 days

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