Bob Gibson's has sales for the year of $311,400,cost of goods sold equal to 78 percent of sales,and an average inventory of $42,800.The profit margin is 6 percent and the tax rate is 35 percent.How many days on average does it take the firm to sell an inventory item?
A) 5.68 days
B) 11.46 days
C) 64.32 days
D) 71.74 days
E) 82.03 days
Correct Answer:
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