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%.

---

Definitions:

Emotional Support

Refers to the assistance given to individuals through empathy, concern, and encouragement to help them cope with emotional distress.

Advantage

A condition or circumstance that puts one in a favorable or superior position compared to others.

Group Counseling

A form of therapy where multiple participants engage in discussions and activities led by a professional to address common issues.

Conducting a Meeting

The process of leading or managing a formal gathering of individuals, typically with the purpose of discussing issues, making decisions, or conveying information.