Fontana Manufacturing Provided the Following Information for the Month Ended

question 186

Multiple Choice

Fontana Manufacturing provided the following information for the month ended March 31: $$\begin{array} { | l | r | } \hline \text { Sales Revenue } & \$ 26,000 \\\hline \text { Beginning Finished Goods Inventory } & 8000 \\\hline \text { Ending Finished Goods Inventory } & 13,500 \\\hline \text { Cost of Goods Manufactured } & 15,600 \\\hline\end{array}$$ Compute cost of goods available for sale.

• A) $15,600
• B) $29,100
• C) $23,600
• D) $10,100

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Definitions:

Closely Held Corporation

A company whose shares are owned by a small number of shareholders, often involving family or close associates.

Financial Statements

Documents that provide an overview of a company's financial condition, including its income, expenses, profit, and assets.

Responsible Party

The individual or entity legally obligated or liable for something, particularly in the context of a legal contract or wrongful act.

Standard of Care

The degree of prudence and caution required of an individual who is under a duty of care, often defined by the legal standard to avoid or minimize risk.