Fill in Each Blank with the Appropriate Term to Complete

question 63

Essay

Fill in each blank with the appropriate term to complete each formula.
$\begin{array}{lllll}\text { BI } & \text { Beginning inventory } & \text { EI } & \text { Ending inventory P } & \text { Purchases } \\\text { CGS } & \text { Cost of Goods Sold } & \text { AI } & \text { Average inventory } &\end{array}$ CGS}=______+_________-________
Average Inventory = (______+________)/2
Goods available for sale =______+______
Days to sell =365/(______/_____)

---

Definitions:

TV Commercials

Short visual advertisements broadcast on television to promote products, services, or ideas to a wide audience.

Oil Company

A business entity involved in the exploration, extraction, refining, transporting, and selling of petroleum and its products.

Normative Question

A question that is based on subjective judgments or opinions on what is considered right or wrong, often relating to policy or ethical issues.

New Tax

A fiscal policy instrument where the government imposes charges on individuals or businesses to raise revenue or to influence behavior.