Use This Information to Answer the Following Question

question 96

Multiple Choice

Use this information to answer the following question.
The selected accounts and balances for Keystone Market appear as follows:
Cost of goods available for sale would appear on the income statement as

• A)$124,000.
• B)$71,000.
• C)$131,000.
• D)$61,000.

---

Definitions:

Characteristics

Characteristics refer to distinguishing traits, qualities, or properties that identify and differentiate individuals, objects, or concepts.

Emerging Issues Task Force

A task force within the Financial Accounting Standards Board (FASB) that identifies and provides guidance on new financial reporting issues.

Consensus Positions

Agreed-upon statements or guidelines developed from the collective views of experts or stakeholders, often used in setting standards or policies.

Statements of Position

Financial reports that provide a snapshot of an entity's financial condition at a specific point in time, including assets, liabilities, and equity.