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Markus Company's common stock sold for $2.25 per share at the end of this year. The company paid preferred stock dividends totaling $4,600 and
Markus Company's common stock sold for $2.25 per share at the end of this year. The company paid preferred stock dividends totaling $4,600 and a common stock dividend of $0.41 per share this year. It also provided the following data excerpts from this year's financial statements: Cash Accounts receivable Inventory Current assets Total assets Current liabilities Total liabilities. Preferred stock Common stock, $1 par value Total stockholders' equity Total liabilities and stockholders' equity Sales (all on account) Cost of goods sold Gross margin Net operating income Interest expense Net income This Year $550,000 $ 319,000 $ 231,000 $ 93,500 $ 5,500 $ 69,400 Ending Balance Beginning Balance $ 29,000 $ 44,800 $ 50,000 $ 43,800 $ 50,000 $ 48,100 $127,100 $ 138,600 $360,000 $ 375,000 $ 51,000 $ 36,000 $ 100,000 $ 90,000 $ 36,000 $ 36,000 $ 72,000 $ 270,000 360,000 $ 72,000 $275,000 $ 375,000 $ Required: What is the average sale period? (Use 365 days a year. Round your intermediate calculations and final answer to 2 decimal places.) Average sale period days
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