You are provided with the following information about the bookstore at your university:
Required:
a. Calculate the inventory turnover ratio for the year ended June 30, 2014.
b. What is the average length of time that it took to sell its inventory in 2014?
c. Is the inventory turnover ratio satisfactory? What would you need to know to fully answer this question?
Definitions:
Roosevelt Administration
Refers to the period of U.S. governance under President Franklin D. Roosevelt, known for the New Deal programs and leadership during World War II.
Economic Security
The situation where one has reliable financial resources or income to uphold their living standards both today and looking ahead.
Personal Freedom
The rights of individuals to act, speak, or think without hindrance or restraint, except in cases where actions harm others.
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