Denver Interiors,Inc

question 29

Multiple Choice

Denver Interiors,Inc.,has sales of $836,000 and cost of goods sold of $601,000.The firm had a beginning inventory of $36,000 and an ending inventory of $47,000.What is the length of the inventory period?

• A)19.21 days
• B)20.89 days
• C)25.20 days
• D)30.53 days
• E)33.69 days

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Definitions:

Journal Entries

The recording of financial transactions in a company's accounting system.

Insurance Policy

A contract between an individual or entity and an insurance company, outlining the terms for premium payments and the conditions under which claims will be paid.

Adjusting Entry

An entry made at the end of an accounting period to allocate revenues and expenses to the correct period.

Annual Rent

The total amount of money paid for the use of property or equipment for a year.