During fiscal 2016, Mattel had sales of $5,456,650, total expenses of $5,138,628 and gross profit of $2,554,391. What was Mattel’s cost of sales for 2016? ($ in thousands) A. $2,102,065 thousand B. $5,138,628 thousand C. $2,902,259 thousand D. $ 903,944 thousand E. There is not enough information to calculate the cost of sales.

The correct answer is C

Explanation:

Cost of Sales or COGS is defined as the carrying value of the goods sold during the specific period or year.

The formula for computing the Cost of Sales is as:

Gross Profit = Sales - Cost of Goods Sold (COGS)

where

Sales is $5,456,650

Gross Profit is $2,554,391

Putting the values above:

$2,554,391 = $5,456,650 - Cost of Goods Sold (COGS)

So,

Cost of goods sold (COGS) = $5,456,650 - $2,554,391

Cost of goods sold (COGS) = $2,902,259

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

answersupplies;