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A Company Reports the Following  Cost of goods sold $610,000 Average inventory 80,000\begin{array}{lr}\text { Cost of goods sold } & \$ 610,000 \\\text { Average inventory } & 80,000\end{array}

question 67

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A company reports the following:  Cost of goods sold $610,000 Average inventory 80,000\begin{array}{lr}\text { Cost of goods sold } & \$ 610,000 \\\text { Average inventory } & 80,000\end{array}
Determine the (a) inventory turnover, and (b) number of days' sales in inventory. Round your answer to one decimal place.


Definitions:

Long-Term Energy

Refers to energy storage or potential energy resources that can be utilized over an extended period.

Unsaturated Fatty Acid

A type of fatty acid that contains one or more double bonds in its hydrocarbon tail, leading to lower melting points than saturated counterparts.

Saturated Fatty Acid

A type of fatty acid with no double bonds between the carbon atoms in the chain, leading to a maximum number of hydrogen atoms bonded to carbons.

Lecithin

A fatty substance found in plant and animal tissues that is utilized as an emulsifier in food products.

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