Last Year Cumber Company Reported a Cost of Goods Sold

question 46

Multiple Choice

Last year Cumber Company reported a cost of goods sold of $70,000.Inventories decreased by $12,000 during the year,and accounts payable increased by $8,000.The company uses the direct method to determine the net cash provided by operating activities on the statement of cash flows.The cost of goods sold adjusted to a cash basis would be:

• A)$90,000
• B)$62,000
• C)$58,000
• D)$50,000

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Definitions:

Scores

Quantitative measures or qualitative assessments used to represent an individual's performance, achievement, or capability in a specific domain.

Extreme

A condition, situation, or attribute that is far beyond the norm or average, often used in psychological studies to describe outlier behaviors or conditions.

Central Tendency

A statistical measure that identifies a single value as representative of an entire distribution of data, including the mean, median, and mode as common examples.

Household Incomes

The total income earned by all members of a household, encompassing all financial sources.