The Following Relate to Data Original in 2012 A)$120,000
B)$140,000
C)$210,000
D)$260,000
E)none of the Answers Are Correct

question 45

Multiple Choice

The following relate to Data Original in 2012.What is the ending inventory? $$\begin{array} { l r } \text {Purchases}&\$540,000\\\text {Beginning Inventory}&80,000\\\text {Purchase Returns}&10,000\\\text {Sales}&800,000\\\text {Cost of Goods Sold}&490,000\\\end{array}$$

• A)$120,000
• B)$140,000
• C)$210,000
• D)$260,000
• E)none of the answers are correct

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Definitions:

Marginal Revenue

The increment in revenue realized from the sale of an additional unit of a product.

Market Price

The current price at which a good or service can be bought or sold in an open and competitive market.

Purely Competitive Market

A market structure characterized by a large number of buyers and sellers, homogeneous products, and free entry and exit, leading to price taking behavior.

Purely Competitive Firm

A company operating in a market where there are many buyers and sellers offering homogeneous products, leading to the inability to influence market price.