Excerpts from TPX Company's December 31,2018 and 2017,financial Statements Are

question 104

Multiple Choice

Excerpts from TPX Company's December 31,2018 and 2017,financial statements are presented below: TPX Company's 2018 average collection period is (round intermediate calculations to one decimal place and final answer to the nearest day) :
$$\begin{array} { | l | r | r | } \hline & \mathbf { 2 0 1 8 } & \mathbf { 2 0 1 7 } \\\hline \text { Accounts receivable } & \$ 80,000 & \$ 72,000 \\\hline \text { Inventory } & 84,000 & 70,000 \\\hline \text { Net sales } & 400,000 & 372,000 \\\hline \text { Cost of goods sold } & 254,000 & 216,000 \\\hline \text { Total assets } & 850,000 & 810,000 \\\hline \text { Total stockholders' equity } & 500,000 & 450,000 \\\hline \text { Net income } & 75,000 & 56,000 \\\hline\end{array}$$

• A)69 days.
• B)65 days.
• C)73 days.