Refer to the Following Table to Answer the Following Questions

question 79

Multiple Choice

Refer to the following table to answer the following questions:

-Assume that strawberries cost $1 and apples cost $2.If a consumer has $8,the bundle of goods that would maximize her utility per dollar and remain within her budget would be

• A) 0 strawberries and 4 apples.
• B) 6 strawberries and 5 apples.
• C) 6 strawberries and 1 apple.
• D) 4 strawberries and 2 apples.
• E) 2 strawberries and 3 apples.

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Definitions:

Perpetual Inventory System

An inventory accounting technique that instantly logs the sale or acquisition of inventory using computerized point-of-sale systems and enterprise asset management software.

Adjusting Entry

A journal entry made in accounting records at the end of an accounting period to allocate income and expenditure to the appropriate periods.

Physical Inventory Count

A process of counting actual inventory to verify the quantity on hand, usually performed at the end of an accounting period.

Inventory

Inventory consists of the goods and materials a business holds for the purpose of resale or production.