Storme Shutters Has the Following Inventory Information A Physical Count of Merchandise Inventory on November 30 Reveals

question 100

Multiple Choice

Storme Shutters has the following inventory information. $$\begin{array} { r l r } \text { Nov. } 1 & \text { Inventory } & 30 \text { units } @\$ 8.00 \\8 & \text { Purchase } & 120 \text { units }@\$ 8.30 \\17 & \text { Purchase } & 60 \text { units } @ \$ 8.70 \\25 & \text { Purchase } & 90 \text { units }@\$ 8.80\end{array}$$ A physical count of merchandise inventory on November 30 reveals that there are 80 units on hand. Assume a periodic inventory system is used. Assuming that the specific identification method is used and that ending inventory consists of 20 units from each of the three purchases and 20 units from the November 1 inventory cost of goods sold is

• A) $1758.
• B) $1870.
• C) $1862.
• D) $1812.

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Definitions:

Nondiscriminating Monopolist

A monopolist who charges all consumers the same price for its product regardless of the consumer's willingness or ability to pay more.

Price Discriminate

The strategy of selling the same product to different customers at different prices based on what the seller believes each customer is willing to pay.

Marginal Revenue Curve

A graphical representation that shows how marginal revenue varies as output level changes, typically downward sloping for firms in competitive markets.

Demand Curve

A chart that displays how the cost of an item correlates with the amount of that item buyers are prepared to buy at different price levels.