Beginning Inventory Is $30,000

question 18

Multiple Choice

Beginning inventory is $30,000.Purchases of inventory during the year are $50,000.Cost of goods sold is $60,000.What is ending inventory?

• A)$20,000.
• B)$30,000.
• C)$10,000.

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Definitions:

Business Law

The body of law that governs the rights, relations, and conduct of individuals and businesses engaged in commerce, merchandising, trade, and sales.

Criminal Law

The body of law dealing with crimes against the state or conduct detrimental to society as a whole, prescribing punishment for offenders.

Rights and Responsibilities

Fundamental ethical and legal entitlements paired with duties or obligations that individuals in a society possess.

Defamation

The process of making untrue remarks about someone that harm their good name.