Mike's Sportswear Company, a retailer, had cost of goods sold of $420,000 last year. The beginning inventory balance was $31,000 and the ending inventory balance was $28,000. The company's average inventory turnover in days was closest to

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Average inventory turnover in days = (Cost of goods sold / Average inventory) * 365 daysAverage inventory = (Beginning inventory + Ending inventory) / 2Average inventory = ($31,000 + $28,000) / 2 = $29,500Average inventory turnover in days = ($420,000 / $29,500) * 365 days = 25.64 days

Mike's Sportswear Company, a Retailer, Had Cost of Goods Sold