Haack Incorporated Is a Merchandising Company

question 201

Multiple Choice

Haack Incorporated is a merchandising company. Last month the company's cost of goods sold was $65,500. The company's beginning merchandise inventory was $19,400 and its ending merchandise inventory was $26,600. What was the total amount of the company's merchandise purchases for the month?

• A) $65,500
• B) $58,300
• C) $72,700
• D) $111,500

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Definitions:

Product

An item or service developed, manufactured, or provided to fulfill the needs or desires of consumers.

Closeout

The act of completing all project-related tasks, documenting outcomes, and formalizing the conclusion of a project.

Organizing

The process of arranging resources, defining roles, and establishing structures within an organization or project to achieve objectives efficiently.

Preparing

The process of making ready or being made ready for use or consideration, often involving planning and setup.