A Company Has an Average Inventory on Hand of $100,000

question 99

Multiple Choice

A company has an average inventory on hand of $100,000 and the days in inventory are 73 days.What is the cost of goods sold?

• A) $500,000
• B) $7,300,000
• C) $1,000,000
• D) $3,650,000

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Definitions:

Wealthy Industrialists

Individuals who have amassed significant wealth and influence through the ownership and operation of large-scale industries, often playing key roles in economic development.

Financial Resources

Assets in the form of cash or easily convertible into cash, utilized by individuals, businesses, or governments to carry out their operations and achieve their objectives.

Free-Labor Ideology

The belief in the 19th-century United States that labor should result from free choice, not coercion, and is a path to wealth and self-respect.

Virtuous Life

Living a life characterized by moral excellence, righteousness, and ethical behavior, often associated with philosophical and religious teachings.