A Company Has an Average Inventory on Hand of $100,000

question 99

Multiple Choice

A company has an average inventory on hand of $100,000 and the days in inventory are 73 days.What is the cost of goods sold?

• A) $500,000
• B) $7,300,000
• C) $1,000,000
• D) $3,650,000

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Definitions:

Sociocentrism

The tendency to view one's own social group as centrally important and superior to other groups.

Symbolic Thinking

The ability to use symbols, words, or objects to represent something that is not physically present.

Preoperational Child

A stage in Piaget's theory of cognitive development describing children aged 2 to 7, characterized by the development of language and symbolic thought but limited in logical reasoning.

Conservation

In cognitive psychology, the principle that properties of substances such as weight and mass remain the same (are conserved) when superficial characteristics such as their shapes or arrangement are changed.