Assume the Following Information for Knight Ltd What Is the Cost of Goods Sold for the Year

question 7

Multiple Choice

Assume the following information for Knight Ltd. for the year ended December 31, 2011: $\begin{array}{lr}\text { Sales } & £ 2,250 \\\text { Cost of goods manufactured for the year } & 1,350 \\\text { Beginning finished goods inventory } & 450 \\\text { Ending finished goods inventory } & 495 \\\text { Selling and administrative expenses } & 300\end{array}$ What is the cost of goods sold for the year ended December 31, 2011?

• A)£1,305
• B)£1,605
• C)£1,350
• D)£1,650

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