Based on the following information: compute (a) Inventory turnover; (b) Average daily cost of merchandise sold; and (c) Number of days' sales in inventory for 2011. Use a 365-day year. (d) If an inventory turnover of 12 is average for the industry, how is this company doing?
Definitions:
Heuristic-Systematic Model
A dual-process theory of persuasion that suggests there are two ways people process information: through heuristics (quick, automatic thinking) and systematically (deep, thoughtful analysis).
Systematic Processing
A mode of thinking in which individuals take a more analytical and comprehensive path to evaluating information, as opposed to relying on general impressions.
Disconfirmation Bias
The tendency to notice, refute and regard as weak, arguments that contradict our prior beliefs.
Current Beliefs
Current beliefs refer to the opinions or convictions held by an individual at the present time.
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