Chess Top Uses the Periodic Inventory System

question 23

Multiple Choice

Chess Top uses the periodic inventory system.For the current month, the beginning inventory consisted of 200 units that cost $65 each.During the month, the company made two purchases: 300 units at $68 each and 150 units at $70 each.Chess Top also sold 500 units during the month.Using the LIFO method, what is the amount of cost of goods sold for the month?

• A)$33,770.
• B)$32,500.
• C)$34,150.
• D)$33,400.

Recognize the conditions necessary for achieving productive efficiency in a purely competitive environment.

Discuss the benefits of pure competition in terms of consumer and producer surpluses.

Understand the characteristics of a purely competitive market.

Identify the revenue relationships (total revenue, marginal revenue, average revenue) for a purely competitive firm.

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Definitions:

Altruistic Behavior

Acts of helping or benefiting others without expecting anything in return.

Incentives

Rewards or benefits provided to encourage certain behaviors or choices.

Debriefing

Explanation of the purposes of the research that is given to participants following their participation in the research.

Ethical Considerations

The moral implications and obligations considered during research or any action.