Misty Mountain Outfitters Is a Merchandiser of Specialized Fly Fishing

question 34

Multiple Choice

Misty Mountain Outfitters is a merchandiser of specialized fly fishing gear.Its cost of goods sold for Year 2 was $295,000,and sales were $690,000.The amount of merchandise on hand was $50,000,and total assets amounted to $585,000.What is the average number of days to sell inventory? (Round to the nearest day. )

• A)26 days
• B)62 days
• C)31 days
• D)40 days

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Definitions:

Net Income

The total profit or loss of a company after all revenues, expenses, taxes, and costs have been subtracted from total income.

Missing Figures

Calculations or estimations used to fill in the gaps of incomplete financial records or statements.

Independent Scenarios

Situations or variables in an analysis that do not depend on or affect each other.

Beginning Merchandise Inventory

The value of a company's inventory of goods available for sale at the start of an accounting period.