Oaktree,Inc What Is the Cost of Goods Sold for the Year

question 210

Multiple Choice

Oaktree,Inc.is a merchandiser of inlaid wooden boxes.The company sold 7000 units during the year.The company has provided the following information: $\begin{array} { | l | r | } \hline \text { Sales Revenue } & \$ 550,000 \\\hline \text { Purchases (excluding freight in) } & 304,000 \\\hline \text { Selling and Administrative Expenses } & 69,000 \\\hline \text { Freight In } & 15,000 \\\hline \text { Beginning Merchandise Inventory } & 43,000 \\\hline \text { Ending Merchandise Inventory } & 42,000 \\\hline\end{array}$ What is the cost of goods sold for the year?

• A) $362,000
• B) $320,000
• C) $318,000
• D) $305,000

Identify and decide when to use parameters versus statistics.

Understand the impact of sample size on statistical measures.

Recognize calculations errors specifically with variance and standard deviation.

Understand the effect of outliers on statistical measurements.

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Definitions:

Unions

Organizations formed by workers from related fields who join together to advocate for better working conditions, wages, and benefits.

Meatpacking Industry

A sector that involves the slaughtering, processing, packaging, and distribution of animals such as cattle, pigs, and chickens.

Meat Inspection Act

A United States Congress Act, passed in 1906, that works to prevent adulterated or misbranded meat and meat products from being sold as food and to ensure that meat and meat products are slaughtered and processed under sanitary conditions.