Barnett Company Had the Following Records $\begin{array}{lll}&2022&2021\\\text { Ending inventory } & \$ 32,650 & \$ 30,490 \\\text { Cost of qoods sold } & 306,300 & 313,600\end{array}$

question 101

Multiple Choice

Barnett Company had the following records: $\begin{array}{lll}&2022&2021\\\text { Ending inventory } & \$ 32,650 & \$ 30,490 \\\text { Cost of qoods sold } & 306,300 & 313,600\end{array}$ What is Barnett's average days in inventory for 2022? (rounded)

• A)37.6 days
• B)38.8 days
• C)36.9 days
• D)36.5 days

---

Definitions:

Income Effect

The impact on consumer's choice arising from a change in their income, influencing their purchasing power.

Giffen Good

A type of inferior good for which demand increases as the price increases, violating the basic law of demand.

Inferior Good

A type of good whose demand decreases when consumer income rises, and vice versa, often contrasted with normal goods whose demand increases with rising income.

Normal Good

A good for which demand increases when consumer income rises, and decreases when consumer income falls.