Luther Corporation's Total Sales for 2009 Were $610

question 41

Multiple Choice

Luther Corporation's total sales for 2009 were $610.1,and gross profit was $109.0.Inventory days for 2009 is closest to:

• A)27.5
• B)33.4
• C)153.7
• D)10.9

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Definitions:

Federal Unemployment Tax Rate

The percentage rate at which employers are taxed by the federal government to fund the unemployment compensation program for displaced workers.

Warranty Repairs

Services to repair or replace parts of a product free of charge within a specific timeframe, as provided for under a warranty agreement.

Product Warranty Expense

The estimated cost of repairing or replacing products under warranty, recognized as an expense by a company.

Sales

This refers to the total revenue a company generates from selling goods or services to customers within a specific period.