Tulsa Company, (A Merchandising Co What Is the Cost of Goods Sold for the Year

question 36

Multiple Choice

Tulsa Company, (a merchandising co.) has the following data pertaining to the year ended December 31, 2019: (CPA adapted)
$$\begin{array} { l r } \text { Purchases } & \$ 450,000 \\\text { Beginning inventory } & 170,000 \\\text { Ending inventory } & 210,000 \\\text { Freight-in } & 50,000 \\\text { Freight-out } & 75,000\end{array}$$
What is the cost of goods sold for the year?

• A) $385,000
• B) $460,000
• C) $485,000
• D) $536,000

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Definitions:

Technological Impact

The effect of technology on society and the environment, which can be positive, negative, or neutral.

Consumption Per Person

The average amount of a resource, product, or energy used by a single individual, often used to assess lifestyle impacts on the environment or to gauge economic activity.

Biodiversity Degradation

The reduction or loss of biodiversity from ecosystems, typically due to human activities like deforestation, pollution, and climate change.

Poverty

A socio-economic condition characterized by a lack of resources or income that is sufficient to meet basic living needs.