A Company Began the Year with $150,000 in Inventory and Ended

question 96

Multiple Choice

A company began the year with $150,000 in inventory and ended the year with $170,000 in inventory.Cost of goods sold for the year amounted to $960,000.Assuming 360 days in a year,how long,on average,does it take the company to sell its inventory (to the nearest day) ?

• A)6 days
• B)60 days
• C)120 days
• D)3 days

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Definitions:

Apple

A leading technology company known for its innovation in consumer electronics, software, and services.

Apple Retail Stores

Retail locations operated by Apple Inc., focused on selling and supporting Apple products, offering a unique shopping experience.

Forward Integration

A business strategy where a company extends its activities to take control of its distributions, such as a manufacturer opening retail outlets.

Horizontal Integration

Horizontal integration refers to the acquisition of a business operating at the same level of the value chain in an industry, aiming to increase market share or achieve economies of scale.