Lionworks Enterprises had the following inventory data: 
Assuming average cost, what is the cost of goods sold for the July 14 sale?
Definitions:
Real Output
The total value of all goods and services produced by an economy, adjusted for inflation, representing the actual productivity.
Price Levels
A calculated average price for every good and service produced domestically.
Keynesian Range
A segment of the Aggregate Supply curve where output is significantly influenced by demand, based on Keynesian economics.
Aggregate Demand
The collective quest for goods and services within an economic sphere, pegged at a designated price level and spanning a predetermined interval.
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