Calculate the average number of days that inventory was held by Kelley Company during 2018. (Assume 365 days in a year. Round your intermediate calculations and final answer to two decimal places.)
Kelley Company provided the following account balances for 2018:
A) 194.15 days
B) 98.38 days
C) 95.55 days
D) 96.82 days
D) 96.82 days
) Inventory Turnover:
Cost of goods sold / Average merchandise inventory
1,300,000 / 345,000 = 3.77
Days' sales in inventory: 365 days / Inventory turnover
365 / 3.77 = 96.82
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