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

question 118

Multiple Choice

At the beginning of the year, Wildcat Athletic had an inventory of $200,000. During the year, the company purchased goods costing $800,000. If Wildcat Athletic reported ending inventory of $300,000 and sales of $1,000,000, their cost of goods sold and gross profit rate would be

• A) $500,000 and 70%
• B) $700,000 and 30%.
• C) $500,000 and 30%.
• D) $700,000 and 70%.

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Definitions:

Common Cause

A principle or factor that is shared by all members of a group, leading to a particular effect or outcome.

Dangerous Game

Activities or situations that involve a high risk of harm or injury, often undertaken for thrill or challenge.

Death Darer

An individual who acts in ways that significantly increases the risk of death, often driven by underlying psychological issues.

Deaths Occur

The event of a living organism ceasing to live.