Using the Following Information

question 73

Essay

Using the following information,
a)which method is more efficient,Method A or Method B?
b)which method is more efficient,Method A or Method C?

Analyze how technological advances affect supply.

Grasp the mechanism of price adjustment to equilibrate quantity demanded and quantity supplied.

Recognize the relationship between market equilibrium, surplus, and shortage.

Distinguish between movements along and shifts of the supply and demand curves.

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Definitions:

LIFO Method

Last In, First Out; an accounting method for valuing inventory by treating the most recently produced items as the first to be sold.

Cost Of Goods Sold

Direct costs attributable to the production of goods sold by a company, including materials, labor, and overhead.

Merchandise

Goods that are purchased, stored, and sold by a business in the ordinary course of its operations, often referred to as inventory.

Gross Profit Rate

The gross profit rate, also known as gross profit margin, is the ratio of gross profit (sales minus cost of goods sold) to sales, expressed as a percentage.