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

question 202

Multiple Choice

At the beginning of the year, Uptown Athletic had an inventory of $400,000. During the year, the company purchased goods costing $1,500,000. If Uptown Athletic reported ending inventory of $500,000 and sales of $2,000,000, their cost of goods sold and gross profit rate would be

• A) $1,000,000 and 70%.
• B) $1,400,000 and 30%.
• C) $1,000,000 and 30%.
• D) $1,400,000 and 70%.

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Definitions:

Mirror Neurons

Neurons that fire both when an individual performs an action and when they observe the same action performed by another, thought to play a role in learning and empathy.

Brain Imaging

The use of various techniques to directly or indirectly image the structure, function, or pharmacology of the brain.

Emotional Responses

Reactions that are subjectively experienced as feelings and can be triggered by thoughts, environmental stimuli, or physiological changes.

Latent Learning

Latent Learning refers to knowledge acquired without immediate expression or reinforcement, becoming apparent when a situation calls for it.