Metro Computer,Inc

question 158

Multiple Choice

Metro Computer,Inc.had the following balances and transactions during 2017:

What would the company's ending merchandise inventory amount be on December 31,2017 if the perpetual inventory system and the last-in,first-out inventory costing method are used?

• A)$15,600
• B)$74,400
• C)$58,800
• D)$57,600

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Definitions:

Supply

The total amount of a specific good or service that is available to consumers at current prices.

Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity of the good that suppliers are willing to sell.

Inelastic

Describing a situation in which the demand or supply of a good or service is relatively unresponsive to changes in price.

Demand

The amount of a product or service that customers can and are willing to buy at different price levels over a specified time.