Using the following data taken from Hsu's Imports Inc., prepare the cost of merchandise sold section of the income statement for the year ended March 31, 2011.
Definitions:
Technological Innovation
The introduction of new technology or methods that significantly improve products, processes, or services.
Marginal Product Labor
The additional output produced as a result of employing one more unit of labor, holding other inputs constant.
Marginal Product Capital
This refers to the additional output produced as a result of using one more unit of capital, holding other inputs constant.
Maximum Profit Equilibrium
The point at which a firm achieves its highest level of profit given its production and cost constraints.
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