A Company Has an Average Inventory on Hand of $40,000

question 57

Multiple Choice

A company has an average inventory on hand of $40,000 and its average days in inventory are 26.4 days. What is the cost of goods sold?

• A) $553,030.
• B) $480,000.
• C) $1,056,000.
• D) $486,667.

Learn the rules governing the liability of dissociated partners for obligations incurred while they were partners.

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Definitions:

Securities & Exchange Commission

A U.S. government agency responsible for enforcing federal securities laws, regulating the securities industry, and overseeing the nation's stock and options exchanges.

Generally Accepted Accounting Principles

The standard framework of guidelines for financial accounting used in any given jurisdiction; generally known as GAAP.

Chief Financial Officer

A senior executive responsible for managing the financial actions of a company, including financial planning, management of financial risks, and financial reporting.

Corporation's Financial Statements

The formal records of a corporation's financial activities, including the balance sheet, income statement, and statement of cash flows.