Answer:
a. 8.75 times
b. 41.71 days
c. 41.71 days
Explanation:
The computation is shown below:
a. Inventory Turnover = Cost of Goods Sold ÷ Inventory
= $4,233,460 ÷ $483,824
= 8.75 times
b. Days' sales in inventory = 365 ÷ Inventory Turnover
= 365 ÷ 8.75 times
= 41.71 days
c. Number of days for the unit of inventory sit on the shelf would be equal to the days' sales in inventory i.e 41.71 days