Problem: 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:
Sales: 29 million dollars
Inventory: 2.9 million dollars
Gross Margin: 45%
Since the gross margin is 45%, the cost of goods sold is 55% of sales. What is the inventory turn per year?