At the Beginning of the Year, Meng Company Had an Inventory

question 60

Multiple Choice

At the beginning of the year, Meng Company had an inventory of ¥400,000.During the year, the company purchased goods costing ¥1,600,000.If Meng Company reported ending inventory of ¥600,000 and sales of ¥2,000,000, the company's cost of goods sold and gross profit rate must be

• A)¥1,000,000 and 50%.
• B)¥1,400,000 and 30%.
• C)¥1,000,000 and 30%.
• D)¥1,400,000 and 70%.

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Definitions:

Gullah

An African American community living on the Sea Islands and in the coastal region of the Southern United States, known for preserving more of their African linguistic and cultural heritage than any other African American community.

Freed Slaves

Individuals who were emancipated from slavery, particularly in the United States following the Civil War and the Emancipation Proclamation.

Civil War

A war between factions or regions within the same country, often centered on disputes over governance, territory, or ideology.

Freed Slaves

Individuals who were liberated from slavery, particularly in the context of the American Civil War and the Emancipation Proclamation.