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Table 11-5
the Table Below Pertains to Napandsnack, an Economy

question 157

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Table 11-5
The table below pertains to Napandsnack, an economy in which the typical consumer's basket consists of 2 pillows and 15 hotdogs.  Year  Price of a  pilldw  Price af a  Hotdlog 2009$40$32010$45$42011$50$3\begin{array} { | c | c | c | } \hline \text { Year } & \begin{array} { c } \text { Price of a } \\\text { pilldw }\end{array} & \begin{array} { c } \text { Price af a } \\\text { Hotdlog }\end{array} \\\hline 2009 & \$ 40 & \$ 3 \\\hline 2010 & \$ 45 & \$ 4 \\\hline 2011 & \$ 50 & \$ 3 \\\hline\end{array}
-Refer to Table 11-5. If the base year is 2011, then the CPI

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Definitions:

Customer Refunds Payable

Liabilities owed to customers for products returned or services not satisfactorily rendered.

Merchandise Inventory

The total value of a retailer's goods that are available for sale to customers, including items purchased from suppliers and items ready for sale.

Sales Discount

A reduction in the price of goods or services offered to customers, usually to prompt early payment or bulk purchases.

FOB Shipping Point

A shipping term indicating that the buyer takes responsibility for loss or damage once the goods are shipped, and pays the shipping cost.

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