If the Ending Balance in Raw Materials Inventory Is $3,500,$60,000

question 28

Multiple Choice

If the ending balance in Raw Materials Inventory is $3,500,$60,000 was purchased,and $61,500 was transferred to Work in Process Inventory during the period,what was the amount in beginning inventory?

• A) $1,500
• B) $2,000
• C) $3,500
• D) $5,000

Apply the concept of opportunity cost to decision-making in resource allocation.

Recognize the significance of economic growth and factors that contribute to shifting the PPF outward.

Evaluate the effects of technological advancements on production capabilities.

Understand the role of trade and specialization in the context of the PPF.

---

Definitions:

Total Revenue

Total Revenue is the entire amount of income generated by the sale of goods or services related to a company's primary operations.

Abba Lerner

An economist known for his contributions to Keynesian economics, particularly his work on the theory of functional finance.

Adam Smith

An 18th-century Scottish economist and philosopher known for his theories on free market economies and the concept of the "invisible hand."

Karl Marx

A 19th-century philosopher, economist, and political theorist known for his critical analysis of capitalism and his influence on the development of socialism and communism.