Use the Table for the Question(s)below

question 89

Multiple Choice

Use the table for the question(s) below.
Consider the following balance sheet:

-Luther Corporation's total sales for 2012 were $610.1, and gross profit was $109.0. Inventory days for 2012 is closest to:

• A)27.5
• B)33.4
• C)153.7
• D)10.9

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Definitions:

Guarantees

Written assurances that certain conditions will be fulfilled, often relating to the quality, durability, or performance of a product or service.

Breach of Contract

Occurs when one party fails to fulfill their obligations under the contract, allowing the other party to seek legal remedies.

Bankruptcy

The process by which an insolvent person voluntarily or involuntarily transfers assets to a trustee for distribution to creditors.

Builder's Lien Act

Legislation that gives builders and contractors a right to secure payment for labor and materials through a lien on the property they have worked on.