Calculate the Goods Available for Sale If Sales Are $7,000

question 19

Multiple Choice

Calculate the goods available for sale if sales are $7,000, inventory at beginning is $3,400, inventory at end is $2,100 and purchases of inventory are $5,600.

• A) $18,100
• B) $12,500
• C) $6,900
• D) $9,000

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Definitions:

Felony

A serious crime, typically involving violence, regarded as more severe than a misdemeanor, and generally punishable by imprisonment for more than one year or by death.

Misdemeanor

A criminal offense that is less serious than a felony and generally punishable by fines, penalties, or a short term in jail.

Negligent Liability

Legal responsibility for harm caused as a result of failing to act as a reasonable person would have acted under similar circumstances.

Certified Public Accountant

A professional accountant who has met certain education and licensing requirements and is qualified to perform accounting services for the public.