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 = (Average inventory / Cost of goods sold) * 365 daysAverage inventory = (Beginning inventory + Ending inventory) / 2= ($31,000 + $28,000) / 2= $29,500Average inventory turnover in days = ($29,500 / $420,000) * 365 days= 25.63 days

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