Chodron Corporation had net credit sales of $13,000,000 and cost of goods sold of $9,250,000 for the year. The average inventory for the year amounted to $2,500,000. The average days in inventory during the year was approximately

Question

Quizplus · Accepted Answer

The average days in inventory is calculated using the formula: (Average Inventory / Cost of Goods Sold) * 365. Plugging in the values: ($2,500,000 / $9,250,000) * 365 ≈ 99 days.

Chodron Corporation Had Net Credit Sales of $13,000,000 and Cost