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

Grasp the concept and benefits of employee ownership and its implementation in companies.

Appreciate the advantages and challenges of franchising for business expansion.

Gain insights into taxation and financial implications for different business types, including the concept of double taxation for corporations.

Understand the role and implications of corporate leadership structures.

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Definitions:

Quality Assurance

The process of ensuring that products, services, or processes meet specific standards of quality through systematic activities and monitoring.

Log Book

A record-keeping book or document where individual entries related to specific activities, observations, or incidences are logged.

Monocytes

A type of white blood cell part of the human body's immune system, playing a role in fighting infections.

Phagocytosis

A cellular process in which cells engulf and digest particles or other cells, often used by the immune system to remove pathogens and dead cells.