Viva Inc Has Provided the Following Information for the Year 2015

question 40

Multiple Choice

Viva Inc. has provided the following information for the year 2015: $$\begin{array} { | l | r | } \hline \text { Cost of Goods Manufactured } & \$ 1,234,000 \\\hline \text { Beginning Balance - Finished Goods Inventory } & 99,000 \\\hline \text { Ending Balance - Finished Goods Inventory } & 84,000 \\\hline\end{array}$$ How much is the cost of goods sold?

• A) $183,000
• B) $1,249,000
• C) $1,234,000
• D) $1,219,000

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Definitions:

Proceeds

Something that is exchanged for a debtor’s sold collateral.

Secured Party

A lender or creditor who has an interest in the collateral securing a loan or credit agreement.

UCC

Short for Uniform Commercial Code, it is a comprehensive set of laws governing all commercial transactions in the United States.

Collateral

Collateral refers to properties or assets that a borrower offers to a lender as security for a loan or credit, and that can be taken by the lender if the borrower fails to pay back the loan.