At the Beginning of the Year, Uptown Athletic Had an Inventory

question 132

Multiple Choice

At the beginning of the year, Uptown Athletic had an inventory of $600,000.During the year, the company purchased goods costing $2,250,000.If Uptown Athletic reported ending inventory of $750,000 and sales of $3,000,000, their cost of goods sold and gross profit rate would be

• A)$1,500,000 and 70%.
• B)$2,100,000 and 30%.
• C)$1,500,000 and 30%.
• D)$2,100,000 and 70%.

---

Definitions:

Longitudinal Design

A research strategy where the same individuals are observed over a period of time to detect changes.

Nutritional Consumption

The intake and use of food and substances for body growth, health, and maintenance.

Ethnic Gloss

Use of an ethnic label such as African American or Latino in a superficial way that portrays an ethnic group as being more homogeneous than it really is.

Ethnic Label

A term used to identify or categorize individuals based on their ethnicity or cultural heritage.