The Following Information Was Provided by Wilson Company for the Year

question 51

Multiple Choice

The following information was provided by Wilson Company for the year just ended:
$\begin{array} { l l } \text { Beginning finished goods inventory } & \$ 150,750 \\\text { Ending finished goods inventory } & \$ 140,475 \\\text { Sales } & \$ 475,000 \\\text { Gross margin } & \$ 150,000\end{array}$
What was the cost of goods manufactured for the year?

• A) $314,725.
• B) $335,275.
• C) $325,000.
• D) $464,725.

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Definitions:

Breach of Contract

The violation of any of the agreed-upon terms and conditions in a binding contract.

Punitive Damages

Financial compensation awarded to a plaintiff, beyond actual damages, to punish the defendant for egregious conduct.

Breaches Contract

A violation or infringement of the terms and conditions stated in a contract by any of the parties involved, leading to a breach of contract.

Profit on Resale

The financial gain obtained from selling an asset for more than its purchase price.