07 Jun Question ProofSmart Inc., a supplier of
Question
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
Inventory $2,367,121
GM = 42%
Inventory Turnover 11
2007
Inventory $2,418,257
GM = 45%
Inventory Turns ????
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).) Hint: you need to get Cost of Goods using Littles Law in 2006. Then use gross margin to get 2006 sales. You are told what the sales growth was. You should be able to proceed from there.
a. What was the sales for 2007?
b. What was the inventory turns for 2007?
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