Assume That Total Production Costs Incurred for the Month Were

question 56

Multiple Choice

Assume that total production costs incurred for the month were $15,000. What was the cost of goods sold?

• A) $13,800
• B) $15,300
• C) $19,800
• D) $20,550

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Definitions:

Quorum

A quorum is the minimum number of members required to be present at a meeting to make the proceedings of that meeting valid.

Directors

Members of a board elected or appointed to govern the affairs of a corporation or organization.

Meeting

A gathering of individuals or representatives for the purpose of discussing and acting upon matters of common interest.

Incorporators

Individuals who sign the articles of incorporation for a corporation, effectively bringing it into existence under the law.