The Records of Jimmy Company Show 2014 Purchases of $90,000

question 109

Essay

The records of Jimmy Company show 2014 purchases of $90,000. An actual count revealed a 2014 ending inventory of $8,000. The 2014 beginning inventory was $5,000. What was cost of goods sold for 2014?

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Definitions:

Central Bank

A national financial institution that provides banking services to the government and commercial banks of a country, and is responsible for the nation's monetary policy and currency issuance.

Policy Lags

The delay between the identification of a need for economic policy intervention and the actual effect of the policy on the economy.

Stabilization Policies

Government strategies aimed at maintaining economic stability by reducing inflation and unemployment.

Political Business Cycle

The concept that elected officials may induce expansions of the economy before elections to improve their chances of re-election.