Calculation of inventory conversion period.
On average, Bragg Inc. has sales of $2,000,000 per month. It keeps inventory equal to 50% of its monthly sales on hand at all times. Based on using a 365-day year, what is the inventory conversion period?
a) 11.7
b) 13.0
c) 14.4
d) 15.2
e) 16.7