Find the Time (In Days)

question 57

Multiple Choice

Find the time (in days) . Round to the nearest day.
-Principal: $8,620 Rate: 8.5%
Interest: $81.41

• A)60 days
• B)41 days
• C)11 days
• D)40 days

---

Definitions:

Raw Materials Inventory

The total cost of all components and materials stored that are intended to be used in production.

Accounts Payable

Accounts payable represents the company's obligation to pay off a short-term debt to its creditors or suppliers.

Conversion

The process of changing an asset or security into another form, such as converting preferred stock into common stock or converting currencies.

Weighted-Average Method

An inventory costing approach that calculates the cost of goods sold and ending inventory based on the average cost of all items.