Lorna Company is a new company with a beginning retained earnings balance of zero.It has the following account balances at the end of the first year of operations: 
What is the ending balance in Retained Earnings?
Definitions:
Total Fixed Costs
The total of all expenses that stay the same no matter the amount of production or output.
Average Total Costs
The total cost of production (fixed and variable costs combined) divided by the number of units produced; it shows the cost per unit of output.
Variable Costs
Costs that change in proportion to the level of output in the production process.
Total Fixed Cost
The sum of all costs that remain constant regardless of the level of production or output in the short run.
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