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First Class, Inc., expects to sell 26,000 pool cues for $14 each. Direct materials costs are $2, direct manufacturing labor is $4, and manufacturing overhead is $0.89 per pool cue. The following inventory levels apply to 2019:
On the 2019 budgeted income statement, what amount will be reported for cost of goods sold?
Licensing
The act of granting permission to use intellectual property rights, such as patents or trademarks, under agreed terms and conditions.
Foreign Distribution Agreements
Contracts between companies for the distribution of goods or services in countries other than their own.
Merchandise
Goods that are bought and sold in commerce; typically refers to the items stocked and offered for sale by a retail or wholesale business.
Arbitration Clause
A provision in a contract requiring that disputes between the parties be resolved through arbitration rather than through the court system.
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