Weller, Inc
provided the following particulars for 2017:
Cost of Goods Sold (Cost of sales) $1,000,000
Beginning Merchandise Inventory 335,000
Ending Merchandise Inventory 600,000
Calculate the average number of days that inventory was held by . during 2017. (Assume 365 days in a year. Round your intermediate calculations and final answer to two decimal places.)
A) 341.12 days
B) 218.56 days
C) 122.07 days
D) 170.56 days
D .Inventory Turnover:
Cost of goods sold / Average merchandise inventory
1,000,000 / 467,500 = 2.14
Days' sales in inventory: 365 days / Inventory turnover
365 / 2.14 = 170.56
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