Use the figure below to answer the following questions.
Figure 3.5.1
-If the demand curve is D₂ in Figure 3.5.1,
Definitions:
Physical inventory
The actual counting and recording of merchandise goods and materials held by a business for the purpose of verifying stock levels and value.
End of the period
Refers to the conclusion of an accounting period, at which financial statements are prepared.
Net realizable value
The estimated selling price of goods, minus the cost of their sale or disposal.
Damaged merchandise
Goods that have been physically harmed or impaired, reducing their value or usefulness.
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