The Following Information Comes from the Annual Reports of Devin

question 15

Multiple Choice

The following information comes from the annual reports of Devin Designs.
$$\begin{array} { | l | r | r | r | } \hline & { \mathbf { 2 0 1 7 } } & { \mathbf { 2 0 1 5 } } &\mathbf {2 0 1 5 } \\\hline \text { Beginning irventary } & ? & ? & 2 , 2 5 0\\\hline \text { Purchases } & 12,652 & ? & ? \\\hline \text { Goods available for sale } & ? & ? & 12 ,899\\\hline \text { Ending irventary } & ? &2 , 6 6 2 & ? \\\hline \text { Cost of goods sald } & 12,213 & 10 , 9 08& 10,490 \\\hline\end{array}$$

What is the amount of purchases for 2016?

• A)$8,246
• B)$11,161
• C)$13,570
• D)$10,643

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Definitions:

World Price

The international market price of a product or commodity, influenced by global supply and demand conditions.

Free Trade

An economic policy that allows imports and exports between countries with minimal or no barriers to trade, such as tariffs or quotas, encouraging international commerce.

Imported

Brought into a country from abroad for the purpose of selling.

Net Welfare Loss

Describes the reduction in social welfare, often resulting from inefficiencies such as taxes, subsidies, tariffs, or monopolies, which distort market equilibrium.