Given below is a balance sheet of Incrad Clothes, a partnership firm, as of December 31, 2013. 
With regard to the above table, which of the following statements is true?
Definitions:
Cost-plus Pricing
A pricing strategy where the selling price is determined by adding a specific markup to a product's unit cost.
Selling and Administrative Expenses
These are the combined costs associated with the general operations of a business that are not directly tied to producing goods or services, including expenses like salaries, rent, and utilities.
Intermediate Calculations
Steps in the analytical process that involve manipulating basic data to derive more meaningful information.
Absorption Costing
An accounting method that includes all manufacturing costs, both variable and fixed, in the cost of a product.
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