Using the following information,calculate for 20x5 (a)net sales, (b)beginning merchandise inventory, (c)gross margin,and (d)net income.
Definitions:
Long Run Adjustments
Changes or adaptations made by firms in response to long-term changes in market conditions, where all inputs and production capacities can be varied.
Constant-cost Industry
An industry where the costs of production, including inputs and technology, do not change as the total output of the industry changes.
Long-run Equilibrium
A state in which all aspects of an economy or market are balanced, and all adjustment processes have been completed over time.
Consumer Demand
The desire and ability of consumers to purchase goods and services at given prices within a specific time period.
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