Data from Ankeny Corporation's Most Recent Balance Sheet and Income

question 137

Essay

Data from Ankeny Corporation's most recent balance sheet and income statement appear below:
$\begin{array}{lrr}&\text { This Year } & \text { Last Year } \\\text {Accounts receivable }&\$ 119,000 & \$ 102,000 \\\text {Inventory }&\$ 188,000 & \$ 175,000 \\\text {Sales on account }&\$ 803,000 & \\\text { Cost of goods sold}&\$ 641,000 &\end{array}$
Required:
Compute the average sale period for this year:

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Definitions:

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