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During the current year, Carl Equipment Stores had net sales of $540 million, a cost of goods sold of $264 million, average accounts receivable of $64 million, and an average inventory of $44 million. Assuming a 365-day year, the average number of days required for Carl Equipment to sell its inventory is: a. 182.5 days. b. 89 days. c. 30.4 days. d. 60.8 days.

During the current year, Carl Equipment Stores had net sales of $540 million, a cost of goods sold of $264 million, average accounts receivable of $64 million, and an average inventory of $44 million. Assuming a 365-day year, the average number of days required for Carl Equipment to sell its inventory is: a. 182.5 days. b. 89 days. c. 30.4 days. d. 60.8 days.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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During the current year, Carl Equipment Stores had net sales of $540 million, a cost of goods sold of $264 million, average accounts receivable of $64 million, and an average inventory of $44 million. Assuming a 365-day year, the average number of days required for Carl Equipment to sell its inventory is: a. 182.5 days. b. 89 days. c. 30.4 days. d. 60.8 days.
Transcribed Image Text:During the current year, Carl Equipment Stores had net sales of $540 million, a cost of goods sold of $264 million, average accounts receivable of $64 million, and an average inventory of $44 million. Assuming a 365-day year, the average number of days required for Carl Equipment to sell its inventory is: a. 182.5 days. b. 89 days. c. 30.4 days. d. 60.8 days.
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