1. Cloche's Hats had sales for the year of $653,700 and cost of goods sold equal to 72 percent of sales. The inventory at the beginning of the year was $114,100 and the end-of-year inventory was $128,200. What was the company's inventory period? Assume 365 days in a year.
85.67 days
82.85 days
88.48 days
99.42 days
93.95 days
2. Cosplay Unlimited sells 760 outfits per year at an average price of $162. The terms of the sale are 1/10, net 30. The discount is taken by 68 percent of customers. What is the company's accounts receivable balance? Assume 365 days per year.
$6,519.64
$7,507.32
$11,131.40
$10,119.45
$5,531.97