Question: Selected data pertaining to Lore Co. for the calendar year 2011 is as follows: Net cash sales $ 3,000 Cost of goods sold 18,000 Inventory

Selected data pertaining to Lore Co. for the calendar year 2011 is as follows:

Net cash sales $ 3,000 Cost of goods sold 18,000 Inventory at beginning of year 6,000 Purchases 24,000 Accounts receivable at beginning of year 20,000 Accounts receivable at end of year 22,000 Lore would use which of the following to determine the average days’ sales in inventory?

Numerator Denominator

a. 365 Average inventory

b. 365 Inventory turnover

c. Average inventory Sales divided by 365

d. Sales divided by 365 Inventory turnover

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