Apple has a reason to trademark its signature phrase “there’s an app for that.” There are several applications on the market encompassing apps for social media networking, financial management, and mobile fart machines.

The Apple App Store has now reached over 500,000 apps that have been approved for the iOS devices. The company has reported reaching this achievement on early Tuesday morning. Mobile app blog 148apps, the blog search service Chomp, and the game developer Chillingo have sent an info-graphic that highlights some of the most exciting applications. According to the graphic, approximately 85869 developers are working on iOS apps, with the average cost of a paid application is $3.64, and roughly 37% of the apps are free.

Although, Apple has approved 500,000 applications, the actual downloadable applications are roughly 400,000. Approximately 20% of the apps are not completed by the developers, or are eliminated from the store due to their incompatibility with the latest operating systems, or are given the boot due to company terms violation. However, if an individual wished to acquire all the available apps, he/she would require a 7.5 terabyte iPhone and an amount of $891,982.24.

According to the infographic, the Angry Birds is one of the most popular apps in the Apple App Store after being in the number one position for 275 days. In fact, the study says that the largest application category is games, which comprises 15% of the total available applications. This result matches the results of a previous study by Distimo that also mentioned games as the biggest category of apps, with almost 5 million iOS games that are downloaded daily during March.

The Apple App Store was launched in 2008 and has the maximum number of apps in comparison to mobile app market of another platform. During the annual Worldwide Developers Conference (WWDC) scheduled in the following months, the company is expected to discuss the future of the iOS and Mac OS X.