The Following Information Is Available for Hornblow Ltd

question 470

Multiple Choice

The following information is available for Hornblow Ltd.for last year: The cost of goods sold is equal to 300% of selling expenses.What is the cost of goods available for sale?

• A)Cannot be determined from information given.
• B)$370,000
• C)$590,000
• D)$610,000

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Definitions:

Longevity

The length or duration of life; often used in context to refer to the extended lifespan of individuals or entities.

Relative Permanence

The notion that while situations or states may not be forever, they have a lasting presence or effect that is more enduring than transient phenomena.

Negotiable Instrument

A financial document providing assurance for the payment of a given amount of money, either to be paid on demand or at an agreed time, with the document containing the name of the payee.

Writing Requirement

A legal condition under certain laws requiring certain contracts to be in writing to be enforceable.