Inventory Turns: (*10 points) ProofSmart Inc., a supplier of home insulation materials, was burned d

Inventory Turns: (*10 points) 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 was recovered:

2016

2017

Inventory

$2,367,121

$2,418,257

Gross Margin = 1-(COGS/Sales)

42%

45%

Inventory Turns

11

[unreadable]

Prior to the fire, ProofSmart saw a sales growth of 48% in 2017, a record performance for the 18 year-old company. What was the inventory turns for 2017? Circle the answer closest to the correct answer. Explain / show intermediate calculations. [Note: This question can be tedious. Hint: Calculate the Sales for 2017.]

10

11

12

13

14

15

cannot be determined from the data given

none of the above

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