During April, the Cost of Goods Manufactured Was £74,000

question 38

Multiple Choice

During April, the cost of goods manufactured was £74,000. The beginning finished goods inventory was £17,000 and the ending finished goods inventory was £14,000. What was the cost of goods sold for the month

• A)£74,000
• B)£71,000
• C)£77,000
• D)£105,000

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Definitions:

Progressive Tax Structure

A taxation system where tax rates increase as the taxable amount increases, resulting in higher income earners paying a larger percentage of their income in taxes.

Marginal Tax Rates

The rate at which an additional dollar of income would be taxed, which varies based on income levels and is a fundamental component of progressive tax systems.

Average Tax Rates

The ratio of the total amount of taxes paid to the total tax base (taxable income or spending), indicating the percentage of income that goes to taxes.

Unemployment Compensation

Financial payments made to individuals who have lost their job through no fault of their own, intended to provide a temporary source of income.