Al's Sport Store has sales of $897,400, costs of goods sold of $628,300, inventory of $208,400, and accounts receivable of $74,100. How many days, on average, does it take the firm to sell its inventory assuming that all sales are on credit? (Hint: Days in inventory=365/Inventory turnover)

121.07 days

Explanation:

Provided data from the question;

Sales = $897,400

costs of goods sold = $628,300,

inventory = $208,400

Accounts receivable = $74,100

Days in inventory=365/Inventory turnover

How many day, on average, does it take the firm to sell is inventory assuming that all sales are on credit =

Inventory Turnover = cost of goods sold ÷ inventory

= $628,300 ÷ $208,400 = 3.014875

Days in Inventory = 365 / 3.014875

= 121.07days

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know