Use the Table for the Question(s)below

question 25

Multiple Choice

Use the table for the question(s) below.
Luther Industries had sales of $980 million and a cost of goods sold of $560 million in 2006.
A simplified balance sheet for the firm appears below:

-Luther's Inventory days is closest to:

• A)32 days
• B)59 days
• C)39 days
• D)42 days
• E)47 days

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Definitions:

Partially Written

Describes a document or agreement that is composed of both handwritten and typed or printed elements.

Majority Rule

Majority rule is a decision-making principle whereby the choice of the greater number of participants in a group is accepted as the decision for the whole group.

One-Year Provision

A legal principle stating certain contracts must be in writing if they cannot be performed within one year of their making.

Main Purpose Doctrine

A legal principle that suggests a promise to pay another's debt is not subject to the statute of frauds if the guarantor's main purpose is to serve their own interests.