Asset Management Ratios Tops N Bottoms Corp

Asset Management Ratios Tops N Bottoms Corp. reported sales for 2008 of $50 million. Tops N Bottoms listed $4 million of inventory on its balance sheet. Using a 365-day year, how many days did Tops N Bottoms' inventory stay on the premises? How many times per year did Tops N Bottoms' inventory turn over?

A) 29.2 days, 12.5 times, respectively
B) 12.5 days, 29.2 times, respectively
C) 0.08 days, 12.5 times, respectively
D) 29.2 days, 0.0345 times, respectively

Correct Answer:

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