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

question 173

Multiple Choice

At the beginning of the year, Wildcat Athletic had an inventory of $300,000.During the year, the company purchased goods costing $1,200,000.If Wildcat Athletic reported ending inventory of $450,000 and sales of $1,500,000, their cost of goods sold and gross profit rate would be

• A)$750,000 and 70%
• B)$1,050,000 and 30%.
• C)$750,000 and 30%.
• D)$1,050,000 and 70%.

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Definitions:

Environmental Damage

Negative impacts on the environment due to human activities or natural disasters, leading to destruction, decline, or degradation of natural habitats and resources.

Aspen Parkland

A biome characterized by a mix of aspen forests and prairie grasslands, typically found in certain regions of North America.

Even-aged Forests

Forest ecosystems characterized by trees of roughly the same age, typically resulting from a single, widespread regeneration event.

Natural Regeneration

The process by which natural ecosystems recover from disturbance or degradation over time without human assistance.