Using the Information Below, Calculate Cost of Goods Sold for the Period

question 10

Multiple Choice

Using the information below, calculate cost of goods sold for the period: $\begin{array}{lr}\text { Sales revenues for the period }&\$1,304,000\\\\\text { Operating expenses for the period } & 239,000 \\\text { Finished Goods Inventory, January } 1 & 36,000 \\\text { Finished Goods Inventory, December } 31 & 41,000 \\\text { Cost of goods manufactured for the period } & 540,000\end{array}$

• A) $448,000.
• B) $774,000.
• C) $535,000.
• D) $769,000.
• E) $530,000.

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Definitions:

Equity

Fairness or justice in the way people are treated or the distribution of resources, often distinguished from equality by focusing on needs and outcomes.

Efficiency

The optimal use of resources to achieve the best possible outcome or output without wasting resources.

Market Economy

An economic system in which supply and demand determine the production of goods and services.

Efficiency

The optimal allocation and use of resources to achieve the best possible output or outcome with the least waste of time and effort.