Misty Mountain Outfitters is a merchandiser of specialized fly fishing gear. Its cost of goods sold for Year 2 was $2,377,100, and sales were $3,565,650. The amount of merchandise on hand was $664,000, and total assets amounted to $3,671,900. What is the average number of days to sell inventory? Note: Do not round your intermediate calculations. Use 365 days in a year. Round to the nearest day. Multiple Choice O OO O 68 days 204 days 66 days 102 days
Misty Mountain Outfitters is a merchandiser of specialized fly fishing gear. Its cost of goods sold for Year 2 was $2,377,100, and sales were $3,565,650. The amount of merchandise on hand was $664,000, and total assets amounted to $3,671,900. What is the average number of days to sell inventory? Note: Do not round your intermediate calculations. Use 365 days in a year. Round to the nearest day. Multiple Choice O OO O 68 days 204 days 66 days 102 days
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Step 1: Introduction
The term inventory refers to both raw materials used in manufacturing and finished goods for sale. Inventory is among the most valuable assets of a business because inventory turnover is one of the sources of generating revenue and subsequent profits for the equity assets.
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