Given the Following Information, Calculate the Firm's COST OF SALES

question 120

Multiple Choice

Given the following information, calculate the firm's COST OF SALES.

• A) $180,000
• B) $285,000
• C) $190,000
• D) $120,000
• E) Cannot be determined without knowing the firm's net sales.

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Definitions:

Sole Proprietorship

A business owned and operated by one individual, where there is no legal distinction between the owner and the business entity.

Sole Proprietorship

A type of enterprise that is owned and operated by one person, with no legal distinction between the owner and the business entity.

Corporation

A legal entity established by individuals, stockholders, or shareholders, with separate legal rights and liabilities distinct from those of its owners, used to conduct business.

General Partner

A member of a partnership who has unlimited liability and is responsible for the management of the partnership.