ProofSmart Inc., a supplier of home insulation materials, was burned down in a recent fire. From the
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ProofSmart Inc., a supplier of home insulation materials, was burned down in a recent fire. From the remains of what used to be the accounting ledger, the following was recovered:
| 2006 | 2007 | |
| Inventory | $2,367,121 | $2,418,257 |
| Gross Margin = 1-(COGS/Sales) | 42% | 45% |
| Inventory Turns | 11 | [unreadable] |
Prior to the fire, ProofSmart saw a sales growth of 48% in 2007, a record performance for the 18 year-old company.
a. What was the sales for 2007?
b. What was the inventory turns for 2007?
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