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: Inventory Gross Margin Inventory Turns $38,000,000 $43,000,000 $85,000,000 $66,000,000 2006 $2,367,121 $318,000 42% 11 Prior to the fire, ProofSmart saw a sales growth of 48% in 2007, a record performance for the 18-year-old company. (NOTE: Gross margin is defined as 1 - (COGS /Sales).) What was the sales for 2007? Choose the answer closest to the correct answer. 2007 $2,418,257 45% [unreadable] Cannot be determined from the data given
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: Inventory Gross Margin Inventory Turns $38,000,000 $43,000,000 $85,000,000 $66,000,000 2006 $2,367,121 $318,000 42% 11 Prior to the fire, ProofSmart saw a sales growth of 48% in 2007, a record performance for the 18-year-old company. (NOTE: Gross margin is defined as 1 - (COGS /Sales).) What was the sales for 2007? Choose the answer closest to the correct answer. 2007 $2,418,257 45% [unreadable] Cannot be determined from the data given
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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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:
Inventory
Gross Margin
Inventory Turns
O
$38,000,000
$43,000,000
$85,000,000
Prior to the fire, ProofSmart saw a sales growth of 48% in 2007, a record performance for the 18-year-old
company. (NOTE: Gross margin is defined as 1 - (COGS/ Sales).)
What was the sales for 2007? Choose the answer closest to the correct answer.
$66.000.000
2006
$2.367.121
$318.000
42%
2007
$2,418,257
45 %
[unreadable]
Cannot be determined from the data given
K](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7b5f5940-7a1d-4b7f-a2e3-df14f2eed64c%2Fe411cfbc-c9bb-411f-a719-9fa5431cee0b%2Fliifi7d_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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:
Inventory
Gross Margin
Inventory Turns
O
$38,000,000
$43,000,000
$85,000,000
Prior to the fire, ProofSmart saw a sales growth of 48% in 2007, a record performance for the 18-year-old
company. (NOTE: Gross margin is defined as 1 - (COGS/ Sales).)
What was the sales for 2007? Choose the answer closest to the correct answer.
$66.000.000
2006
$2.367.121
$318.000
42%
2007
$2,418,257
45 %
[unreadable]
Cannot be determined from the data given
K
Expert Solution
Step 1
Cost of goods sold is actual cost of goods being sold to customers. Inventory turnover shows how many times inventory is sold in particular period.
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