Music Is Us, Inc , is a supplier of musical instruments for professional and amateur musicians The companys accountants make adjusting entries monthly, and they make all closing entries annually The company is growing rapidly and prides itself on having no long term liabilities The company has provided the following trial balance dated December 31, 2021 MUSIC IS US, INC TRIAL BALANCE DECEMBER 31, 2021 Cash at bank $ 48,000 Marketable securities 30,000 Accounts receivable 133,000 Allowance for doubtful accounts $ 5,200 Merchandise inventory 258,000 Office supplies 2,000 Prepaid insurance 6,160 Building and fixtures 1,797,000 Accumulated depreciation 794,000 Land 67,800 Accounts payable 65,000 Unearned customer deposits 7,800 Income taxes payable 73,000 Capital stock 940,000 Retained earnings 239,200 Unrealized holding gain on investments 5,100 Sales 1,686,520 Cost of goods sold 954,000 Bank service charges 160 Uncollectible accounts expense 8,000 Salary and wages expense 385,000 Office supplies expense 500 Insurance expense 6,300 Utilities expense 2,900 Depreciation expense 44,000 Income tax expense 73,000 $ 3,815,820 $ 3,815,820 Other information pertaining to the companys trial balance is provided as follows The most recent bank statement reports a balance of $49,580 Included with the bank statement was a $2,200 check from Iggy Smarts, a professional musician, charged back to Music Is Us as NSF The banks monthly service charge was $20 Three checks written by Music Is Us to suppliers of merchandise inventory had not yet cleared the bank for payment as of the statement date These checks included no 508, $4,000 no 511, $8,600 and no 521, $8,000 Deposits of $16,800 reached the bank too late for inclusion in the current bank statement The company prepares a bank reconciliation at the end of each month Music Is Us has a portfolio of marketable securities that originally cost $24,000 As of December 31, the market value of these securities was $32,200 All short term investments are classified as available for sale During December, $5,700 of accounts receivable were written off as uncollectible A recent aging of the company's accounts receivable led management to conclude that an allowance for doubtful accounts of $7,800 is needed at December 31, 2021 The company uses a perpetual inventory system A year end physical count revealed that several guitars reported in the inventory records were missing The cost of the missing units amounted to $1,000 This amount is not considered significant relative to the total cost of inventory on hand At December 31, approximately $870 in office supplies remained on hand The company pays for its insurance policies 12 months in advance Its most recent payment was made on November 1, 2021 The cost of this policy was slightly higher than the cost of coverage for the previous 12 months Depreciation expense related to the company's building and fixtures is $6,000 for the month ending December 31, 2021 Although Music Is Us carries an extensive inventory, it is not uncommon for experienced musicians to order custom guitars made to their exact specifications Manufacturers do not allow any sales returns of custom made guitars The entire sales amount is collected at the time a custom order is placed, and is credited to an account entitled Unearned Customer Deposits As of December 31, $4,400 of these deposits remained unfilled because the special order guitars have not been received from the manufacturer The cost of goods sold and the reduction in inventory associated with all custom orders is recorded when the custom merchandise is delivered to customers At that time, the adjusting entry requires only a decrease to unearned customer deposits and an increase in sales Accrued income taxes payable for the entire year ending December 31, 2021, total $82,000 No income tax payments are due until early in 2022 m Using the financial statements prepared in part k , determine approximately how many days on average an item of merchandise remains in stock before it is sold You may assume that the companys ending merchandise inventory balance on December 31 is a close approximation of its average merchandise inventory balance throughout the year (Use 365 days a year Round intermediate calculations to 1 decimal place and your final answer to the nearest whole number ) n Using the financial statements prepared in part k , determine approximately how many days it takes to convert the company's inventory into cash (Use 365 days a year Round intermediate calculations to 1 decimal place and your final answer to the nearest whole number )

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Music-Is-Us, Inc., is a supplier of musical instruments for professional and amateur musicians. The companys accountants make adjusting entries monthly, and they make all closing

Music-Is-Us, Inc., is a supplier of musical instruments for professional and amateur musicians. The companys accountants make adjusting entries monthly, and they make all closing entries annually. The company is growing rapidly and prides itself on having no long-term liabilities.

The company has provided the following trial balance dated December 31, 2021.

MUSIC-IS-US, INC.
TRIAL BALANCE
DECEMBER 31, 2021
Cash at bank	$	48,000
Marketable securities		30,000
Accounts receivable		133,000
Allowance for doubtful accounts			$	5,200
Merchandise inventory		258,000
Office supplies		2,000
Prepaid insurance		6,160
Building and fixtures		1,797,000
Accumulated depreciation				794,000
Land		67,800
Accounts payable				65,000
Unearned customer deposits				7,800
Income taxes payable				73,000
Capital stock				940,000
Retained earnings				239,200
Unrealized holding gain on investments				5,100
Sales				1,686,520
Cost of goods sold		954,000
Bank service charges		160
Uncollectible accounts expense		8,000
Salary and wages expense		385,000
Office supplies expense		500
Insurance expense		6,300
Utilities expense		2,900
Depreciation expense		44,000
Income tax expense		73,000
	$	3,815,820	$	3,815,820

Other information pertaining to the companys trial balance is provided as follows.

The most recent bank statement reports a balance of $49,580. Included with the bank statement was a $2,200 check from Iggy Smarts, a professional musician, charged back to Music-Is-Us as NSF. The banks monthly service charge was $20. Three checks written by Music-Is-Us to suppliers of merchandise inventory had not yet cleared the bank for payment as of the statement date. These checks included: no. 508, $4,000; no. 511, $8,600; and no. 521, $8,000. Deposits of $16,800 reached the bank too late for inclusion in the current bank statement. The company prepares a bank reconciliation at the end of each month.
Music-Is-Us has a portfolio of marketable securities that originally cost $24,000. As of December 31, the market value of these securities was $32,200. All short-term investments are classified as "available for sale."
During December, $5,700 of accounts receivable were written off as uncollectible. A recent aging of the company's accounts receivable led management to conclude that an allowance for doubtful accounts of $7,800 is needed at December 31, 2021.
The company uses a perpetual inventory system. A year-end physical count revealed that several guitars reported in the inventory records were missing. The cost of the missing units amounted to $1,000. This amount is not considered significant relative to the total cost of inventory on hand.
At December 31, approximately $870 in office supplies remained on hand.
The company pays for its insurance policies 12 months in advance. Its most recent payment was made on November 1, 2021. The cost of this policy was slightly higher than the cost of coverage for the previous 12 months.
Depreciation expense related to the company's building and fixtures is $6,000 for the month ending December 31, 2021.
Although Music-Is-Us carries an extensive inventory, it is not uncommon for experienced musicians to order custom guitars made to their exact specifications. Manufacturers do not allow any sales returns of custom-made guitars. The entire sales amount is collected at the time a custom order is placed, and is credited to an account entitled Unearned Customer Deposits. As of December 31, $4,400 of these deposits remained unfilled because the special-order guitars have not been received from the manufacturer. The cost of goods sold and the reduction in inventory associated with all custom orders is recorded when the custom merchandise is delivered to customers. At that time, the adjusting entry requires only a decrease to unearned customer deposits and an increase in sales.
Accrued income taxes payable for the entire year ending December 31, 2021, total $82,000. No income tax payments are due until early in 2022.

m. Using the financial statements prepared in part k, determine approximately how many days on average an item of merchandise remains in stock before it is sold. You may assume that the companys ending merchandise inventory balance on December 31 is a close approximation of its average merchandise inventory balance throughout the year. (Use 365 days a year. Round intermediate calculations to 1 decimal place and your final answer to the nearest whole number. )

n. Using the financial statements prepared in part k, determine approximately how many days it takes to convert the company's inventory into cash. (Use 365 days a year. Round intermediate calculations to 1 decimal place and your final answer to the nearest whole number. )