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ProofSmart In 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

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).)

May 01 2020 View more View Less

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