Irawaddy Company, a retailer, had cost of goods sold of $230,000 last year. The beginning inventory balance was $24,000 and the ending inventory balance was $22,000. The company's average sale period was closest to:

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Average sale period = (Average inventory / Cost of goods sold) * 365 daysAverage inventory = (Beginning inventory + Ending inventory) / 2= ($24,000 + $22,000) / 2= $23,000Average sale period = ($23,000 / $230,000) * 365 days= 36.5 days

Irawaddy Company, a Retailer, Had Cost of Goods Sold of $230,000