A Company Has $4,200 in Net Sales, $3,500 in Gross

question 67

Multiple Choice

A company has $4,200 in net sales, $3,500 in gross profit, $1,000 in ending inventory, and $1,600 in beginning inventory. The company's cost of goods sold is:

• A)$3,500.
• B)$700.
• C)$2,600.
• D)$1,900.

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Definitions:

Furnishings

Items designed to make a space such as a room or building suitable for living or working in, including furniture, floor coverings, and decorations.

Limitations Period

A set period of time within which a legal claim must be filed or be permanently barred.

Breach

A violation or infringement of a law, obligation, standard, or agreement.

Commercially Impracticable

A doctrine where parties are relieved from their contractual duties when events have occurred making performance excessively difficult or costly.