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 were the inventory turns in 2007? – Circle the answer closest to the correct answer.
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