Waco Company's Cost of Goods Sold for 2014 Was $302,000

question 94

Multiple Choice

Waco Company's Cost of Goods Sold for 2014 was $302,000. Which of the following statements is true?

• A) If the ending balance in Merchandise Inventory for 2014 was $100,000, the Cost of Goods Available for Sale was $402,000.
• B) If the ending balance in Merchandise Inventory for 2014 was $100,000, the Cost of Goods Available for Sale was $202,000.
• C) If the beginning balance in Merchandise Inventory for 2014 was $50,000, the Cost of Goods Available for Sale was $352,000.
• D) If the beginning balance in Merchandise Inventory for 2014 was $50,000, the Cost of Goods Available for Sale was $252,000.

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Definitions:

Commercial Impracticability

A principle where performance under a contract is deemed unduly burdensome due to unforeseen events, relieving the obligated party.

Nonperformance

Failure to fulfill a contractual duty or obligation.

Late Charges

Additional fees charged to a borrower for failing to make payments on time.

Time Of Essence

A contractual clause declaring that specific timelines and deadlines are crucial to the contract, with any delay constituting a breach.