Question: QUESTION # 1 a & b: Consider a firm with $200 billion in sales during the current fiscal year. The firm's cost of goods sold

QUESTION # 1 a & b:

Consider a firm with $200 billion in sales during the current fiscal year. The firm's cost of goods sold was $120 billion. It had receivables worth $20 billion, and its inventory was $10 billion.

Question 1a: What was the firm's inventory turnover?

Question 1b: How long did the average item sold by the firm remain in inventory (units: days)?

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