A high-street jewelry store has the following values on its annual reports:
Cost of Goods Sold = $1.2 million
Average Inventory = $1.4 million
What is average length of time a piece of jewelry stays in the store (years) for this high-street jewelry store (T)?
Hint: COGS is the Rate (R): $/year
a) 0.86
b) 1.17
c) 1.2
d) 1.4