Answer :
The number of days that the firms inventory stay on the premises will be 128 days.
How to calculate the information?
From the information, it was stated that the firm reported year end sales of 20 million it lkisted 7 million of inventory on its balance sheet and we are told to use 365 day/year.
Therefore, the number of days that the firms inventory stay on the premises will be:
= 365 / (20/7)
= 365/2.858
= 128
Therefore, the number of days that the firms inventory stay on the premises will be 128 days.
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