Pepito's Has Sales for the Year of $166,569 and Cost

question 70

Multiple Choice

Pepito's has sales for the year of $166,569 and cost of goods sold of $94,600.The firm carries an average inventory of $21,100 and has an average accounts payable balance of $19,600.What is the inventory period?

• A)89.02 days
• B)81.41 days
• C)31.29 days
• D)60.20 days
• E)81.06 days

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Definitions:

In-The-Money

This describes an option that has intrinsic value, being a call option with a strike price below the current market price or a put option with a strike price above the current market price.

Stock Price

The current market price at which a share of a company's stock can be bought or sold.