If Sales = $45 000,purchases = $25 000,beginning Inventory =

question 33

Multiple Choice

If sales = $45 000,purchases = $25 000,beginning inventory = $10 000 and ending inventory = $8000 cost of sales is:

• A)$18 000
• B)$27 000
• C)$7000
• D)$20 000

---

Definitions:

Demand Curves

Graphical representations showing the relationship between the price of a good and the quantity demanded.

Supply Curves

Supply curves graphically represent the relationship between the price of a good or service and the quantity of it that suppliers are willing to produce and sell.

Equilibrium Quantity

The quantity at which the intentions of buyers and sellers in a particular market match at a particular price such that the quantity demanded and the quantity supplied are equal; the profit-maximizing output of a firm.

Flat-Rate State Income Tax

A tax system where a single tax rate is applied to all income levels, making the tax amount proportionate to income without progressive scaling.