Five Seasons Is a Merchandiser of Packed Foods How Much Was the Unit Cost Per Item of Product

question 81

Multiple Choice

Five Seasons is a merchandiser of packed foods.The company provides the following information for the year: $$\begin{array} { | l | r | } \hline \text { Sales Revenue } & \$ 145,000 \\\hline \text { Cost of Goods Sold } & 64,000 \\\hline \text { Operating Expenses } & 67,000 \\\hline \text { Net Income } & 14,000 \\\hline \text { Number of Units Sold } & 29,000\\\hline\end{array}$$ How much was the unit cost per item of product sold? (Round your answer to the nearest cent.)

• A)$4.52
• B)$5.00
• C)$2.21
• D)$100.48

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Definitions:

Breach of Contract

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

Specific Performance

A legal remedy requiring a party to perform their part of the contract rather than provide monetary compensation for failing to meet their obligations.

Resell

The act of selling something that one has previously purchased, either as a business practice or to transfer ownership.

In Transit

The status of goods or people being transported from one place to another; during the journey.