Based on the following information: compute (a) inventory turnover; (b) average daily cost of goods sold; and (c) number of days' sales in inventory for the current year. Use a 365-day year. (d) If an inventory turnover of 12 is average for the industry, how is this company doing? 
Definitions:
Long Run
A period of time in economics during which all factors of production and costs are variable, allowing for full adjustment to changes.
Short Run
In economics, a period during which at least one of a firm's inputs is fixed and cannot be changed.
Fixed Input
An input in the production process that cannot be changed in the short term, such as buildings or land.
Long-Run Adjustment
A process in which firms adjust their inputs and outputs to achieve the optimal level of production and efficiency over an extended period.
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