Jenner Company Had Beginning Inventory of $90,000, Ending Inventory of $110,000

question 244

Multiple Choice

Jenner Company had beginning inventory of $90,000, ending inventory of $110,000, cost of goods sold of $400,000, and sales of $660,000. Jenner's days in inventory is:

• A) 55.3 days.
• B) 91.3 days.
• C) 101.4 days.
• D) 60.8 days.

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Definitions:

Legal Entity Type

Categories under which business or organization structures are legally recognized, such as LLC, corporation, partnership.

Tax Form

A document used to report financial information to a governmental body for the purposes of tax calculation and compliance.

IRS

Internal Revenue Service, the federal agency responsible for administering and enforcing tax laws in the United States.

Form 1040 Schedule C

A tax form used in the United States for reporting income or loss from a business operated as a sole proprietorship.