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 goods sold for the year (in thousands of pounds) was
A)£540.
B)£420.
C)£460.
D)£520.

Question

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 goods sold for the year (in thousands of pounds) was
A)£540. 
B)£420. 
C)£460. 
D)£520.

Quizplus · Accepted Answer

The correct answer is determined by calculating the cost of goods sold (COGS) for the year, which involves subtracting the ending inventory from the sum of the beginning inventory and purchases made during the year. Without specific numbers provided in the question, it's impossible to calculate or justify the choice accurately. However, based on the choices given, if the question had provided numbers that led to a calculation, the correct answer would be chosen accordingly. In this case, without the supporting data, the selection of "B" is arbitrary and serves as a placeholder for the correct methodology applied to specific financial data.

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