The Following Data (In Thousands of Pounds) Have Been Taken

question 36

Multiple Choice

The following data (in thousands of pounds) have been taken from the accounting records of Karmint Corporation for the just completed year:

-The cost of goods sold for the year (in thousands of pounds) was

• A)£540.
• B)£420.
• C)£460.
• D)£520.

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Definitions:

Costs

Expenses incurred in the production of goods or services, including materials, labor, and overhead.

Marginal Analysis

An examination of the benefits and costs of increasing or decreasing production or consumption by one unit.

Revenue

The complete financial proceeds a company secures from conducting sales of goods and execution of services within a predetermined interval.

Costs

The total expenditure required for production, including materials, labor, and overhead expenses.