Gluth Corporation Has Provided the Following Data for the Month

question 100

Multiple Choice

Gluth Corporation has provided the following data for the month of July. The beginning balance in the finished goods inventory account was $56,000 and the ending balance was $49,000. Sales totaled $290,000. Cost of goods manufactured was $147,000, selling expense was $17,000, and administrative expense was $68,000.
-The cost of goods sold for July was:

• A) $232,000
• B) $140,000
• C) $154,000
• D) $147,000

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Definitions:

Entrepreneurs

Individuals who create, organize, and manage a new business venture, taking on greater than normal financial risks in order to do so.

Landlords

Property owners who rent out their real estate assets to tenants in exchange for periodic payments.

Purely Competitive Economy

An idealized market structure where many firms sell identical products, entry and exit are easy, and no single buyer or seller can influence the market price.

Economic Profit

Sales minus explicit costs and implicit costs.