A Company Has $4,500 in Net Sales,$3,200 in Gross Profit,$1,300

question 101

Multiple Choice

A company has $4,500 in net sales,$3,200 in gross profit,$1,300 in ending inventory,and $1,800 in beginning inventory.The company's cost of goods sold is:

• A)$3,200.
• B)$1,300.
• C)$2,700.
• D)$1,400.

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Definitions:

Chert Formation

The process by which chert, a hard, fine-grained sedimentary rock composed of microscopic silica particles, is formed, often in deep marine environments.

Seawater

A solution of various salts and minerals found in the world's oceans.

Sandstone Beds

Layers of sedimentary rock predominantly composed of sand-sized particles, often used as aquifers and in construction materials.

Marine Shales

Marine shales are fine-grained sedimentary rocks formed from the accumulation of silt and clay in a marine environment, known for their rich organic material content.