Ira Company, a retailer, had cost of goods sold of $160,000 last year. The beginning inventory balance was $26,000 and the ending inventory balance was $24,000. The company's average sale period was closest to: Select one: a. 114.06 days b. 54.75 days c. 59.31 days d. 57.03 days

The company's average sale period was closest to: b. 54.75 days

Explanation:

The average sale period measures the length of time that it takes to sell the inventory.

Average sale period = Inventory ÷ (Cost of Goods Sold / 365)

                                  = $24,000 ÷ ($160,000/365)

                                  = 54.75 days

answer; /// i believe the correct answer is first in, first out(fifo); //

hi : ) i found this so i hope this !

"we first find value of tax in dollars.

the difference between the two prices   is: 23. 54 - 22 = 1.54

therefore the sales tax in dollars is 1.54

the tax % will be   (amount of tax / original cost price ) × 100

(1.54 / 22) × 100  → (0.07) × 100 =   7

so the tax rate is 7%

we can double check the answer.

7 % of 22   → (7/100) × 22 → 0.07 × 22 = 1.54

22 + 1.54 = 23.54"