If an organisation has cost of goods sold for an accounting period of $540,000 and opening and closing inventory amounts of $50,000 and $70,000 respectively, then which of the following statements is TRUE?

Question 9 options:

1)	Inventory was turned over 9 times in the accounting period and on average, the average amount of inventory is sold every 40.56 days.

2)	Inventory was turned over 10.8 times in the accounting period and on average, the average amount of inventory is sold every 33.80 days.

3)	Inventory was turned over 9 times in the accounting period and on average, the average amount of inventory is sold every 33.80 days.

4)	Inventory was turned over 10.8 times in the accounting period and on average, the average amount of inventory is sold every 40.56 days