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:

Delegating

The process of assigning responsibility and authority to someone else to carry out specific activities while the delegator retains overall responsibility for the outcome.

Chest Pain

A symptom that can indicate a variety of conditions, ranging from high-stress levels to potentially serious heart problems.

Vital Signs

Measurements of the body's most basic functions, including temperature, pulse, respiration, and blood pressure.

Oxygen Saturation

A measure of the amount of oxygen-bound to hemoglobin in the blood, reflecting how well oxygen is being distributed throughout the body.