ProofSmart Inc., a supplier of home insulation materials, wa…

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:     2006 2007 Inventory $2,367,121 $2,418,257 Gross Margin 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. (NOTE: Gross margin is defined as 1 – (COGS/Sales).)    What was the sales for 2007? – Circle the answer closest to the correct answer.

Big Joe’s Beer, Bait, & Tackle Co. is a small chain of fishi…

Big Joe’s Beer, Bait, & Tackle Co. is a small chain of fishing tackle stores in northern Minnesota. In 2009, the company’s revenue was $4,300,000 and its cost of sales was $3,200,000. Assume 52 weeks and 365 days per year.   Big Joe keeps only 5.5 days-of-supply of inventory on average because much of his inventory is live bait and cold micro-brew beer, both of which have a short shelf life. What is his annual inventory turns?