In April, Walston Enterprises Had the Following Results How Much Is Cost of Goods Sold for April?
A)$458,000

question 29

Multiple Choice

In April, Walston Enterprises had the following results: $$\begin{array} { l r } \text { Beginning Finished Goods Inventory } & \$ 17,400 \\\text { Ending Finished Goods Inventory } & \$ 25,400 \\\text { Sales } & \$ 965,000 \\\text { Gross Margin } & \$ 450,000\end{array}$$ How much is Cost of Goods sold for April?

• A)$458,000
• B)$515,000
• C)$507,000
• D)$423,000

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Definitions:

Accounts Receivable

Money owed to a company by its customers for products or services delivered but not yet paid for.

Without Recourse

A term indicating that the seller of an asset is not responsible for the buyer's losses if the asset fails to perform as expected.

Bad Debt Risk

The probability that loans or receivables will not be collected and will result in a loss for the lender or creditor.

Commitment Fee

A banking charge imposed on a borrower to keep a line of credit open or to guarantee a loan's terms.