Micromart reports the following information at the end of the current year: What is Micormart's cost of goods sold at year-end?
A) $111,000
B) $159,000
C) $237,000
D) $285,000

Question

Micromart reports the following information at the end of the current year:  What is Micormart's cost of goods sold at year-end?
A) $111,000 
B) $159,000 
C) $237,000 
D) $285,000

Quizplus · Accepted Answer

Cost of Goods Sold = Sales Revenue - Gross Margin = $567,000 - $330,000 or Net Income + General and Administrative Expenses + Selling Expenses = $33,000 + $78,000 + $126,000 = $237,000.

Micromart Reports the Following Information at the End of the Current