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:
Price High
Typically refers to a situation where the price of a good or service is higher than usual, which can result from high demand, low supply, or other market conditions.
Positive-Sum Game
A situation in economic transactions where all participants can benefit, or the sum of the gains and losses is positive.
Payoff Matrix
A table that displays the potential outcomes for each player in a game, given the choices of all players.
Gains and Losses
The difference between the amount earned and the amount spent in buying, operating, or producing something.
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