If a Company Has Ending Inventory of $25,000,purchases During the Year

question 84

True/False

If a company has ending inventory of $25,000,purchases during the year of $95,000,and beginning inventory of $30,000,cost of goods sold equals $90,000.

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Definitions:

Influence Over Price

The ability of a seller or a buyer to affect the price of goods or services in the market.

Economic Profits

The surplus remaining after total costs (including both explicit and implicit costs) are subtracted from total revenue; often indicates the firm is outperforming the average in its industry.

Industry Supply Curve

A graphical representation showing the relationship between the price of a commodity and the quantity supplied by all producers in the market.

Industry Demand Curve

A graphical representation that shows the relationship between the price of a good or service and the total quantity demanded by all consumers in the industry.