During 2010, Shockglass Company Recorded Inventory Purchases of $45,000 and Cost

question 4

Multiple Choice

During 2010, Shockglass Company recorded inventory purchases of $45,000 and cost of goods sold of $50,000. If inventory at the beginning of the year was $15,000, the ending inventory balance must have been:

• A) $10,000.
• B) $25,000.
• C) $26,000.
• D) $27,000.

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Definitions:

Having Hair

The characteristic of possessing hair, a keratinous filament growing from the epidermis primarily found in mammals.

Mammary Glands

Specialized organs in mammals that produce milk to nourish newborn offspring.

Constant Internal Temperature

The maintenance of a steady body temperature independent of the environment.

Mammals

Warm-blooded vertebrates characterized by the presence of hair or fur, secretion of milk by females for the nourishment of the young, and typically the birth of live young.