Use the Following Information for Questions
Sloan Company, a Wholesaler

question 33

Multiple Choice

Use the following information for questions
Sloan Company, a wholesaler, budgeted the following sales for the indicated months: $\begin{array}{lrrr}&\text { June}&\text { July }&\text {Auqust }\\\text { Sales on account } & \$ 1,800,000 & \$ 1,840,000 & \$ 1,900,000 \\\text { Cash sales } & 180,000 & 200,000 & 260,000\\\text { Total sales } & \$ 1,980,000 & \$ 2,040,000 &\$ 2,160,000\\\end{array}$ All merchandise is marked up to sell at its invoice cost plus 20%.Merchandise inventories at the beginning of each month are at 30% of that month's projected cost of goods sold.
-The cost of goods sold for the month of June is anticipated to be

• A)$1,440,000.
• B)$1,500,000.
• C)$1,520,000.
• D)$1,650,000.

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Definitions:

Manic Episode

A period of abnormally elevated, expansive, or irritable mood and high energy levels, often seen in bipolar disorder.

Hypomania

A milder form of mania characterized by elevated mood, increased activity or energy levels, but not severe enough to cause significant impairment or require hospitalization.

Bipolar I Disorder

A mental disorder characterized by extreme mood swings that include emotional highs (mania) and lows (depression).

Bipolar I Disorder

A mental disorder characterized by periods of manic episodes which may be preceded or followed by episodes of depression.