The king corporation has ending inventory of $481,060, and cost of goods sold for the year just ended was $4,016,851. a. what is the inventory turnover? (do not round intermediate calculations. round your answer to 2 decimal places, e. g., 32.16.) b. what is the days' sales in inventory? (use 365 days a year. do not round intermediate calculations. round your answer to 2 decimal places, e. g., 32.16.) c. how long on average did a unit of inventory sit on the shelf before it was sold? (use 365 days a year. do not round intermediate calculations. round your answer to 2 decimal places, e. g., 32.16.)

Inventory TurnOver 8.35

Days outstanding 43.71

Average days outstanding 21.86

Explanation:

Inventory TO8.35

This means the inventory is being sold 8.35 times during the year

Days on Inventory43.71

The entire inventory is being replaced every 43.71 days

If we assume the batch is sold uniformly over those days

then the haverage wil lbe half of the days outstading:

43.71 / 2 = 21,855‬ = 21.86

in terms of experimental research, mcdonald’s charging different prices in the two cities relates to

answer: in the short-run firms will respond by raising the price of turkey.

explanation: initially the long-run equilibrium is at a price of $5 per pound of turkey and a quantity of 50 million pounds per year. now, when webmd claims that a protein found in turkey will increase your expected lifespan by 4 years. the consumers demand for turkey will increase at every price shifting the demand curve to the right from d1 to d2. while, there will be no change in the supply curve in the short-run as it is not possible for producers to adjust supply so quickly. as a result the new equilibrium will occur at a higher price and a higher quantity of turkey.

thus, in the short run firms will respond by increasing the price of turkey, selling more quantity at a higher price and earning economic profits.