Selected Information Regarding a Company's Most Recent Quarter Follows (All

question 43

Multiple Choice

Selected information regarding a company's most recent quarter follows (all data in thousands) . $$\begin{array} { | l | c c | } \hline \text { Sales revenue } & \mathbf { \$ } & 4,000 \\\hline \text { Bepinging raw materials inventory } & \mathbf { \$ } & 150 \\\hline \text { Direct materials used } &\$& \mathbf { 3 5 0 } \\\hline \text { Purchases of direct materials } & \mathbf { \$ } & 500 \\\hline \text { Direct labor } & \mathbf { \$ } & 450 \\\hline \text { Marufacturing averhead } & \mathbf { \$ } & 620 \\\hline\end{array}$$ What was the ending raw materials inventory?

• A)$300
• B)$ 970
• C)$ 350
• D)$ 850

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Definitions:

Properly Sealed

Ensured that an item or document is closed or fastened securely, often implying it has been authenticated or officially completed.

Mistake Of Fact

Mistake as to the existence of the subject matter of a contract or the identity of a party.

Rescission

The act of revoking, cancelling, or annulling a contract, returning all parties to their positions prior to the agreement.

Franchise Contract

A legal agreement granting someone the right to operate a business under the franchisor's brand and business model.