Use the Following Figures (Stated in Millions of Dollars)to Compute $\begin{array}{lr}\text {Cost of goods sold: }&\$6,584\\\text {Beginning inventory: }&\$915\\\text {Ending inventory: }&\$1,177\\\end{array}$

question 33

Short Answer

Use the following figures (stated in millions of dollars)to compute the inventory
turnover and the days' inventory on hand: (Round answers to one decimal place).
$\begin{array}{lr}\text {Cost of goods sold: }&\$6,584\\\text {Beginning inventory: }&\$915\\\text {Ending inventory: }&\$1,177\\\end{array}$

a. Inventory turnover = ___________________
b. Days' inventory on hand = ___________________

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Definitions:

Marketing Mix

The set of actionable areas that a company uses to promote its brand or product in the market, traditionally identified as the 4Ps: Product, Price, Place, and Promotion.

Service Marketing Strategy

Service marketing strategy involves creating a plan to effectively promote and sell intangible services as opposed to tangible products, focusing on elements such as service quality, customer experience, and relationship building.

Inseparability

A characteristic of services indicating that they are produced and consumed simultaneously, making the quality of the service dependent on the provider-customer interaction.

Radio Frequency Identification (RFID)

A technology used to automatically identify and track tags attached to objects, using electromagnetic fields.