Use the Information Below to Answer the Following Questions

question 21

Multiple Choice

Use the information below to answer the following questions:
At 1 July 2011, Epsilon Pty Ltd had 100 items of inventory which had cost $50 each. During the year ended 30 June 2012, it purchased 1500 items at a cost of $50 each. Of these, 200 were returned to the supplier as they were damaged. During the year, 1200 items were sold for $80 each, but 50 were returned by customers. Overhead expenses during the year amounted to $15,000.
-What was Epsilon Pty Ltd's cost of goods sold for the year?

• A) $47 500
• B) $57 500
• C) $60 000
• D) $62 500.

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Definitions:

Risks

Potential events or circumstances that could lead to negative outcomes, affecting objectives negatively.

Off-the-job Paid Leaves

Time off from work that employees are granted for various reasons, such as vacation, illness, or personal matters, with compensation.

Family and Medical Leave Act

A U.S. labor law requiring covered employers to provide employees with job-protected and unpaid leave for qualified medical and family reasons.

Preexisting Employee Health Insurance

Insurance coverage that includes benefits for health conditions an employee had before joining the insurance plan.