The Periodic Inventory Records of Hawk Dental Supply Indicate the Following

question 193

Essay

The periodic inventory records of Hawk Dental Supply indicate the following for the month of April:
$$\begin{array} { | l | l | l | } \hline \text { Apr. 1 } & \begin{array} { l } \text { Beginning merchandise } \\\text { inventory }\end{array} & 15 \text { units @ \$32 each } \\\hline 7 & \text { Purchase } & 7 \text { units @ \$34 each } \\\hline 18 & \text { Purchase } & 12 \text { units @ \$37 each } \\\hline 26 & \text { Purchase } & 10 \text { units @ \$40 each } \\\hline\end{array}$$ As of April 30,Hawk counts 8 units of merchandise inventory on hand.
Compute ending merchandise inventory and cost of goods sold for Hawk using the FIFO inventory method.

Analyze the effect of changes in market price on a firm’s marginal revenue, output level, and economic profit.

Distinguish between economic profit, total revenue, and total cost.

Understand the concept of the firm’s short-run supply curve and its derivation.

Recognize the long-run adjustments in the market due to economic profits or losses.

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