Finney's MMA Gym Had a Total of $1,300 Worth of Boxing

question 76

Multiple Choice

Finney's MMA Gym had a total of $1,300 worth of boxing gloves on June 1. The ending inventory for the month was $524. What was the cost of goods sold for June?

• A)$524
• B)$1,352
• C)$1,824
• D)$776
• E)None of these

---

Definitions:

Ordinary Annuity

An Ordinary Annuity is a series of equal payments made at the end of consecutive periods over a fixed length of time.

Accounting Principle

Fundamental concepts or guidelines that govern the field of accounting and instruct how financial transactions should be recorded and reported.

Accounting Estimate

An approximation of a financial amount in the absence of precise data or measurements.

Reporting Entity

A business or organization that is required to prepare financial statements.