Question: Calculate the average investment in inventory for each of the following situations. Assume a 365-day year.
a. The firm's annual sales were $19 million, its gross profit margin was 34%, and its average age of inventory is 45 days. Round your answer to the nearest dollar.
$
b. The firm's annual sales were $321 million, its cost of goods sold is 83% of sales, and it turns its inventory 10 times per year. Round your answer to the nearest dollar.
$
c. The firm's annual cost of goods sold total $125 million, and it turns its inventory about every 67 days. Round your answer to the nearest dollar.
$