If Beginning Inventory Is $5,000,ending Inventory Is $3,000,net Purchases Is

question 91

Multiple Choice

If beginning inventory is $5,000,ending inventory is $3,000,net purchases is $12,000 and Freight-in is $400,what is the Cost of Goods Sold?

• A)$17,400
• B)$17,000
• C)$14,400
• D)$14,000

Understand the principles of process costing and its application to multi-step manufacturing processes.

Grasp the concept of responsibility accounting and the role of department managers in controlling costs.

Explain the impact of underapplied overhead on cost of goods sold.

Comprehend the flow of costs in manufacturing accounts and the calculation of the cost of goods manufactured and sold.

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Definitions:

Psychological Disorders

Mental disorders characterized by patterns of behavior or thought that are pathological (diseased or disordered) and that cause significant distress or impairment to personal functioning.

Eclectic Approach

To therapy that results from combining elements of several different approaches or techniques.

Psychiatrists

Medical doctors specialized in diagnosing, preventing, and treating mental illness, with the ability to prescribe medication.

Doctorate in Medicine

An advanced academic degree for physicians and surgeons, often denoted by the initials M.D.