Assuming That Net Cost of Purchases Was $39,000 During the Year

question 150

Multiple Choice

Assuming that net cost of purchases was $39,000 during the year and that ending merchandise inventory was $1,000 less than the beginning merchandise inventory of $12,500,how much was cost of goods sold?

• A)$50,500
• B)$52,500
• C)$40,000
• D)$38,000

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Definitions:

Promotional

Related to activities that are intended to advertise or market something, typically through various forms of media, events, or offers, to increase awareness or sales.

Initial Development Costs

Refers to the expenses incurred during the preliminary phase of creating and designing a new product or service.

Brand Insistence

Brand Insistence is the loyalty stage at which a consumer strongly prefers a specific brand over all other brands and will seek it at any cost or inconvenience.

Marketing Intermediaries

Entities involved in the distribution chain that helps in moving products from producers to consumers, such as wholesalers and retailers.