The cost of merchandise available for sale minus the value of ending inventory at cost equals the _____
a. gross profit
b. cost of goods sold
c. beginning inventory
d. open-to-buy
b
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John assembles computers for the Computer Systems to Go Company. His company purchases
Pentium® MMX™ chips from Intel. When John is installing the chip it is ________ inventory, but for Intel it is ________ inventory. A) raw material; finished goods B) work in process; finished goods C) finished goods; raw material D) raw material; work in process
Mr. Murray has asked you to help him choose an insurance company. Which of the following criteria would you not recommend that he take into consideration?
A) Insurer's financial strength B) Insurer's claims service C) Insurer's service both before and after a loss D) The recommendation of at least two different insurance agents