The Following Information Was Provided by Jimbob Co What Was Beginning Finished Goods Inventory?
A)$200,000

question 15

Multiple Choice

The following information was provided by Jimbob Co. for the year just ended: $$\begin{array} { | l | r | } \hline \text { Cost of goods manufactured } & \$ 500,000 \\\hline \text { Ending finished goods inventory } & \$ 100,000 \\\hline \text { Sales } & \$ 800,000 \\\hline \text { Gross margin } & \$ 200,000 \\\hline\end{array}$$ What was beginning finished goods inventory?

• A)$200,000.
• B)$300,000.
• C)$400,000.
• D)$100,000.

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Definitions:

Taxable Income

The portion of an individual or company's income used to determine how much tax is owed to the government in a given tax year.

Federal Income Tax

A tax levied by the United States federal government on the annual earnings of individuals, corporations, trusts, and other legal entities. Tax rates vary based on income levels and types of filers.

Progressive Tax

A tax system where the tax rate increases as the taxable amount increases, typically aimed at ensuring higher earners pay a larger percentage of their income in taxes.

Regressive Tax

A tax imposed in such a way that the tax rate decreases as the amount subject to taxation increases, burdening lower-income individuals relatively more than higher-income ones.