The Following Information Appears on the Income Statement of the Richer

question 53

Multiple Choice

The following information appears on the income statement of the Richer Company at the end of the year. $\begin{array}{lr}\text { Beginning finished goods inventory } & \$ 200,000 \\\text { Ending finished goods inventory } & 180,000 \\\text { Sales } & 360,000 \\\text { Cost of Goods Manufactured } & 120,000\end{array}$ Gross Profit on Sales was:

• A) $140,000.
• B) $160,000.
• C) $200,000.
• D) $220,000. Cost of Goods Sold = 200,000 + 120,000 - 180,000 = 140,000.
• Gross Profit = 360,000 - 140,000 = 220,000.

---

Definitions:

Intelligence Scores

Quantitative assessments derived from standardized tests designed to measure an individual’s cognitive abilities and potential.

Genes

Sequences of DNA or RNA that code for molecules that express genetic traits. They are the basic physical and functional units of heredity.

Environment

The surroundings or conditions in which a person, plant, or animal lives or operates, encompassing both natural and built factors.

Intelligence Tests

Standardized tests designed to measure and assess an individual's intellectual capabilities and potential.