Kentucky Purchases and Sells Widgets If the Company Sold 7700 Units of Widgets During 2017,how

question 30

Multiple Choice

Kentucky purchases and sells widgets.The following information summarises Kentucky's operating activities for 2017:
$$\begin{array} { | l | l | } \hline \text { Selling and administrative expenses } & \$ 4600 \\\hline \text { Purchases } & 159,000 \\\hline \text { Sales revenue } & 785,000 \\\hline \text { Inventory, 1 January 2017 } & 33,600 \\\hline \text { Inventory, 31 December 2017 } & 76,800 \\\hline\end{array}$$
If the company sold 7700 units of widgets during 2017,how much is the cost for one widget?

• A) $20.65
• B) $25.01
• C) $14.34
• D) $15.04

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Definitions:

Endorsement

Signing one's name on the back of a check or other document, authorizing its transfer or acceptance, or the act of publicly supporting a product, service, or candidate.

Cash Receipts

The collection of money, including coins, notes, and electronic payments, received by a business during a given period.

Restricted Cash

Funds that are reserved for a specific purpose and cannot be used for general corporate purposes.

Separately Reported

Financial items or activities that are shown distinctly in financial statements to provide clarity and understanding of a company's financial position.