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Question 1: Wangley Company has an inventory turnover of 8. Which statement is true?
Option 1: Wangley has about 2 months of sales in its inventory.
Option 2: Wangley takes about 46 days from the time an item is sold until Wangley collects the cash.
Option 3: Wangley takes about one month from the time an item is purchased until the cash is collected from the sale of the inventory.
Option 4: Wangley sells it inventory 8 times faster than other companies
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