Irawaddy Company, a retailer, had cost of goods sold of $423,500 last year. The beginning inventory balance was $37,000 and the ending inventory balance was $40,000. The company's average sale period was closest to:

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To calculate the average sale period, we first need to find the average inventory, which is (Beginning Inventory + Ending Inventory) / 2 = ($37,000 + $40,000) / 2 = $38,500. Then, we use the formula for inventory turnover, which is Cost of Goods Sold / Average Inventory = $423,500 / $38,500 = 11. This represents how many times the inventory is sold and replaced over the period. To find the average sale period, we divide the number of days in the period by the inventory turnover rate. Assuming a 365-day year, it's 365 / 11 = 33.18 days.

Irawaddy Company, a Retailer, Had Cost of Goods Sold of $423,500