The Following Information Was Available for Bowyer Company at December

question 167

Multiple Choice

The following information was available for Bowyer Company at December 31, 2017: beginning inventory $90,000; ending inventory $70,000; cost of goods sold $800,000; and sales $1,100,000. Bowyer's days in inventory in 2017 was

• A)26.4 days.
• B)36.5 days.
• C)32.0 days.
• D)41.0 days.

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Definitions:

Arbitrary

Based on random choice or personal whim, rather than any reason or system.

Mandate Retail Prices

The enforcement of fixed prices for goods and services that retailers must adhere to, often set by manufacturers or regulatory bodies.

Franchisee

An individual or company that is granted the right by a franchisor to run a business under the franchisor's trademark or brand.

Goods

Tangible items that are manufactured or produced for sale and consumption.