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

question 2

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 the raw materials used in production during the year (in thousands of pounds) was:

• A)£190.
• B)£160.
• C)£140.
• D)£200.

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Definitions:

Cost of Goods Sold

Costs directly tied to the creation of products sold by a business, covering materials, labor, and factory overhead.

Balance Sheet

A financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time, providing insight into its financial position.

Spreadsheet

A digital worksheet or a software application that allows for the organization, analysis, and storage of data in tabular form.

Job-Order Costing

An accounting method that assigns costs to specific batches or job orders, making it possible to track the financial inputs and outputs of individual jobs.