Glass Industries Reported the Following Data for the Year Just

question 79

Multiple Choice

Glass Industries reported the following data for the year just ended: sales revenue, $1,750,000; cost of goods sold, $980,000; cost of goods manufactured, $560,000; and selling and administrative expenses, $170,000. Glass' gross margin would be:

• A) $940,000.
• B) $1,190,000.
• C) $1,020,000.
• D) $380,000.
• E) $770,000.

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Definitions:

Negligence

A legal concept where an individual fails to exercise a reasonable level of care, resulting in harm or damage to another person.

Principal

In law, a principal can refer to a party who grants authority to an agent to act in their stead; in finance, it can refer to the original amount of money invested or loaned, before any interest.

Unauthorized Signatures

Signatures made without the express permission or authority of the individual or entity purported to have signed, often leading to legal disputes.

Agency Authority

The legal capacity granted to an agent to act on behalf of someone else, allowing them to enter into contracts and make decisions.