On September 30 a Company Needed to Estimate Its Ending

question 19

Multiple Choice

On September 30 a company needed to estimate its ending inventory to prepare its third quarter financial statements. The following information is available: Beginning inventory, July 1: $4,000
Net sales: $40,000
Net purchases: $41,000
The company's gross margin ratio is 15%. Using the gross profit method, the cost of goods sold would be:

• A) $4,000.
• B) $5,000.
• C) $21,000.
• D) $25,000.
• E) $34,000.

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Definitions:

Immunoglobulin G

A type of antibody that is a major component of the body's immune response, protecting against bacterial and viral infections.

Passive Immunity

Immunity acquired by the transfer of antibodies from another individual, such as from mother to fetus through the placenta, or through antibody-containing blood products.

Cell Mediated

Relating to the immune response that does not involve antibodies but rather the activation of white blood cells against pathogens.

Active Immunity

Immunity acquired through the immune system's response to a disease organism or vaccination, leading to the production of antibodies.