The Following Balance Sheet Information Is Provided for Patton Company

The following balance sheet information is provided for Patton Company: $\begin{array}{|l|r|r|}\hline \text { Assets } & 2014 & 2013 \\\hline \text { Cash } & \$ 4,000 & \$ 2,000 \\\hline \text { Accounts receivable } & 15,000 & 12,000 \\\hline \text { Inventory } & \$ 35,000 & \$ 38,000 \\\hline\end{array}$ Assuming 2014 cost of goods sold is $730,000, what is the company's average days to sell inventory? (Use 365 days in a year. Do not round your intermediate calculations.)

A) 17.5 days
B) 18.25 days
C) 19 days
D) 20.86 days

Correct Answer:

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Access For Free