Refer to the Information Provided in Figure 6

question 34

Multiple Choice

Refer to the information provided in Figure 6.6 below to answer the question(s) that follow. Figure 6.6
-Refer to Figure 6.6. Bill's budget constraint is BD. Bill's income is $600, the price of a bell pepper is $1, and the price of a bag of black beans is $2. At point D Bill is buying ________ bell peppers and ________ bags of black beans.

• A) 0; 300
• B) 600; 0
• C) 300; 150
• D) 600; 300

---

Definitions:

Physical Count

The process of manually counting inventory items to verify quantities and ensure the accuracy of records.

Most Current Prices

Refers to the latest available prices of goods, services, or assets, often used in the evaluation of market trends or valuation assessments.

Ending Inventory

The total value or quantity of goods available for sale at the end of an accounting period, calculated by adding any purchases to the beginning inventory and subtracting sold goods.

Gross Profit Method

An accounting technique to estimate the amount of inventory sold over a period, calculated as sales minus the cost of goods sold at a gross margin.