According to the Information Provided, the Amount of Surplus Value

question 38

Multiple Choice

According to the information provided, the amount of surplus value that accrues to Dean, Jess, Brent and Frida from their day surfing is:

• A)$250
• B)$126
• C)$124
• D)$146

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Definitions:

Gross Profit

The difference between sales revenue and the cost of goods sold, before deducting overhead, payroll, taxes, and interest expenses.

Beginning Inventory

The worth of merchandise ready for purchase at the beginning of a financial period, prior to any acquisitions being made or deductions for sales.

Ending Inventory

The concluding amount of products ready for purchase at the close of a financial cycle.

LIFO Cost Flow

A method used in inventory management and accounting where the last items placed in inventory are the first ones to be recorded as sold.