Bernstein Inc. Bernstein Inc. is a local retailer. The following selected information is available from their 2011 and 2012 financial statements:
Refer to the Bernstein Inc. information above. What was Bernstein's number of days inventory was held before sale in 2012? (round to two decimal places)

Question

Bernstein Inc. Bernstein Inc. is a local retailer. The following selected information is available from their 2011 and 2012 financial statements:
 Refer to the Bernstein Inc. information above. What was Bernstein's number of days inventory was held before sale in 2012? (round to two decimal places)

Quizplus · Accepted Answer

The number of days inventory was held before sale in 2012 can be calculated using the formula: (average inventory / cost of goods sold) x 365. Plugging in the values from the financial statements, we get: (($97,000 + $93,000) / 2 / $3,060,000) x 365 = 60.83 days (rounded to two decimal places). Therefore, option B is the correct answer.