The Following Data Is Available Using the Gross Profit Method, the Cost of Goods Sold

question 134

Multiple Choice

The following data is available: $$\begin{array} { | l | r | } \hline \text { Net sales } & \$ 20,000 \\\hline \text { Normal gross profit } & 45 \% \\\hline \text { Beginning inventory } & 8,000 \\\hline \text { Net purchases } & 7,000 \\\hline\end{array}$$ Using the gross profit method, the cost of goods sold would be:

• A) $12,000
• B) $11,000
• C) $13,000
• D) $9,000

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Definitions:

Group Conformity

The phenomenon where individuals adapt their attitudes, beliefs, or behaviors to align with the norms of a group.

Individualism

A social theory favoring freedom of action for individuals over collective or state control.

Lone Dissenter

An individual who opposes or stands apart from the opinions or beliefs of a majority or group.

Robber's Cave Study

An influential social psychology experiment by Muzafer Sherif that demonstrated how intergroup conflict can arise from competition over resources and be mitigated through cooperative tasks.