need solution Markus Company's common stock sold for $6.50 per share at the end...
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Markus Company's common stock sold for $6.50 per share at the end of this year. The company paid preferred stock dividends totaling $4,400 and a common stock dividend of $1.67 per share this year. It also provided the following data excerpts from this year's financial statements: Cash Accounts receivable Inventory Ending Beginning Balance Balance $ 57,500 $ 50,000 $ 108,000 $ 75,000 $ 83,500 $ 108,000 233,000 $249,000 $ $975,000 $ 1,086,000 Current assets Total assets Current liabilities Total liabilities Preferred stock Common stock, $1 par value Total stockholders' equity $ 97,500 $109,500 $240,000 $216,000 $ 55,000 $ 55,000 $ 130,000 $130,000 870,000 $735,000 $ Total liabilities and stockholders' equity 1,086,000 $975,000 $ 14:44 This Year 1,275,000 Sales (all on account) 739,500 Cost of goods sold $ 535,500 Gross margin $ Net operating income Interest expense $ 419,250 $ 19,500 244,900 $ Net income Required: What is the average sale period? (Use 365 days a year. Round your intermed calculations and final answer to 2 decimal places.) Average sale period days
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