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:

A) 36.5 days
B) 73.0 days
C) 38.1 days
D) 34.9 days

Average Sale Period

The average time it takes for a company to convert its inventory into sales, often used in analyzing a company's efficiency.

Cost of Goods Sold

The direct costs attributable to the production of goods sold by a company, including the cost of the materials and labor directly used to create the good.

Beginning Inventory

The value of goods available for sale at the start of an accounting period.