Oaktree,Inc What Is the Cost of Goods Sold for the Year

question 118

Multiple Choice

Oaktree,Inc.is a merchandiser of inlaid wooden boxes.The company sold 7000 units during the year.The company has provided the following information: $$\begin{array} { | l | r | } \hline \text { Sales Revenue } & \$ 550,000 \\\hline \text { Purchases (excluding freight in) } & 304,000 \\\hline \text { Selling and Administrative Expenses } & 69,000 \\\hline \text { Freight In } & 15,000 \\\hline \text { Beginning Merchandise Inventory } & 43,000 \\\hline \text { Ending Merchandise Inventory } & 42,000 \\\hline\end{array}$$ What is the cost of goods sold for the year?

• A) $362,000
• B) $320,000
• C) $318,000
• D) $305,000

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Definitions:

Covalent Compound

A chemical compound formed by the sharing of pairs of electrons between atoms.

Dichlorodifluoromethane

A chemical compound once widely used as a refrigerant and propellant but now recognized for its ozone-depleting properties.

Strontonium

A chemical element with the symbol Sr, known for its use in fireworks and as a component in certain alloys.

Oxide Ion

An ion consisting of oxygen and carrying a negative two charge, represented as O^2-.