Kelley Company Provided the Following Account Balances for 2018 Calculate the Average Number of Days That Inventory Was Held

question 188

Multiple Choice

Kelley Company provided the following account balances for 2018: $$\begin{array} { | l | r| } \hline \text { Cost of Goods Sold (Cost of sales) } & \$ 1,300,000 \\\hline \text { Beginning Merchandise Inventory } & 340,000 \\\hline \text { Ending Merchandise Inventory } & 350,000 \\\hline\end{array}$$ Calculate the average number of days that inventory was held by Kelley Company during 2018.(Assume 365 days in a year.Round your intermediate calculations and final answer to two decimal places.)

• A) 194.15 days
• B) 98.38 days
• C) 95.55 days
• D) 96.82 days

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Definitions:

Financial Statements

Financial statements are formal records of the financial activities and condition of a business, including balance sheet, income statement, and cash flow statement.

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