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For the past year, Coach, Inc., had a cost of goods sold of $62,882. At the end of the year, the accounts payable balance was $12,989. How long on average did it take the company to pay off its suppliers during the year? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

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Answer:

Days' Sales in Payables = 75.39

Explanation:

The formula Days' Sales in Payables = Number of Days in Period * Accounts Paybles balance / Cost of goods sold

Given, Cost of goods sold = $ 62,882 and Accounts Payable Balance = $ 12,989

Assumption : Number of days in period = 365 days.

Therefore, Days Sales in Payables = 365 * $ 12,989 / $ 62,882

Days Sales in Payables = $ 47,40,985 / $ 62,882 = 75.3949

The Answer = Days' Sales in Payables = 75.39

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