ProofSmart Inc., a supplier of home insulation materials, was burned down in a recent fire. From the
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Question:
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 information was recovered:
- Sales: 29 million dollars
- Inventory: 2.9million dollars
- Gross Margin: 45%
Since the gross margin is 45%, the cost of goods sold is 55% of sales. What is the inventory turn per year?
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