A Merchant Had a Beginning Inventory of $30,000, Purchases of $150,000

question 33

Short Answer

A merchant had a beginning inventory of $30,000, purchases of $150,000, and an ending inventory of $40,000. Compute the average inventory.​

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Definitions:

Imports

Goods or services brought into a country from abroad for sale.

GDP

Gross Domestic Product, the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period.

GDP Deflator

A standard for assessing the price rates of all freshly made, domestically sourced, final goods and services in an economic environment.

Real GDP

Gross Domestic Product adjusted for inflation, reflecting the value of all goods and services produced by an economy in real terms.