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:

Collision Theory

A theory that proposes chemical reactions occur and proceed at a certain rate based on the concentration, velocity, and orientation of reacting particles during collisions.

Rate Of Formation

The speed at which a product is created in a chemical reaction, usually measured in moles per liter per second.

High-energy Particles

Particles that possess energy significantly greater than average, often referring to subatomic particles such as protons, neutrons, and cosmic rays.

Accumulated Degree Hours

A measurement unit for the thermal energy accumulated, used in forensic entomology to estimate the time since death based on insect development.