Phil's Carvings Sells Its Inventory in 93 Days, on Average

question 79

Multiple Choice

Phil's Carvings sells its inventory in 93 days, on average.Costs of goods sold for the year are $187,200.What is the average value of the firm's inventory? Assume a 365-day year.

• A)$20,129
• B)$47,698
• C)$57,132
• D)$61,096
• E)$32,513

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Definitions:

International Markets

Consist of all the buyers and sellers outside of the company's own country, representing opportunities for trade, investment, and expansion.

Capital Outlay Requirements

The total amount of capital required for the acquisition of assets or for investment in projects to start or expand a business.

National Player

An individual or entity recognized for their influence, contribution, or participation at a national level in a specific field or activity.

Margin Analysis

A financial analysis method that involves assessing the difference between a product’s selling price and the cost to produce it, to determine profitability.