The Beginning and Ending Finished Goods Inventories of the Prize

question 80

Multiple Choice

The beginning and ending finished goods inventories of the Prize Ring manufacturing company were $75,000 and $73,000 respectively.If cost of goods sold equaled $66,000,what is the amount of cost of goods manufactured for this period?

• A) $2,000
• B) $64,000
• C) $68,000
• D) $82,000
• E) $214,000

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Definitions:

Fraud in the Inducement

A legal term referring to a deceptive act used to convince someone to enter into a contract, which significantly impacts the victim's decision to agree.

False Representation

The act of providing untrue, misleading, or deceptive information with the intent to defraud others.

Material Fact

A fact that is significant or essential to the issue or matter at hand, which could influence a decision.

Duress

Unlawful pressure or coercion used on a person to compel them to perform an act against their will or judgment.