The Following Information Is Available from Preston Company's 2011 Accounting

question 71

Multiple Choice

The following information is available from Preston Company's 2011 accounting records:

Preston's 2011 cost of goods sold is

• A) $465,000.
• B) $475,000.
• C) $505,000.
• D) $585,000.

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Definitions:

Inflation

The pace at which prices for general goods and services climb, reducing the value of money to buy them.

Spreadsheets

Digital tools or applications used to organize, analyze, and store data in tables, often utilized for accounting, planning, and data analysis.

Household Budget

An estimate of an individual's or family's income and expenses over a specified period, used for managing personal finances.

Economic Theory

A set of principles and concepts used to explain how economies operate and to make predictions about economic behaviors and outcomes.