Monopolists are considered to be price makers, but the case of competitive firms are price takers.
So, the correct option is A.
A monopolist is regarded as a price-maker since it has the authority to determine the selling price of a good. Demand, or customer willingness and capacity to buy the item, is what limits the monopolist. A "price taker" is a person or business that must accept market pricing as it is because it lacks the market share to do so on its own. Most manufacturers are also price takers as a result of market rivalry. Price-setting only occurs when there is a monopoly or monopsony.
A monopolistic business is a "price-maker," whereas a corporation that engages in only competition is a "price-taker." Due to its relatively small market share, a single competitive business cannot affect the market's choice. There are many small businesses operating in a market that is competitive.
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on january 1, 2020, chamberlain corporation pays $550,800 for a 60 percent ownership in neville. annual excess fair-value amortization of $23,500 results from the acquisition. on december 31, 2021, neville reports revenues of $458,000 and expenses of $310,000 and chamberlain reports revenues of $810,000 and expenses of $441,000. the parent figures contain no income from the subsidiary. how much is consolidated net income attributable to chamberlain corporation?
If the parent figures contain no income from the subsidiary. The consolidated net income attributable to chamberlain corporation is $443,700
In the question, we have given,
Chamberlain Corporation pays = $550,800
Ownership in Neville = 60 percent
Annual excess fair-value amortization = $23,500
On December 31, 2021, Neville reports:
Revenues = $458,000
Expenses =$310,000
Chamberlain reports:
Revenues = $810,000
Expenses = $441,000
Subsidiary book net income:
= (Revenues - Expenses) reported by Neville - Annual excess fair-value amortization
= $458,000 - $310,000 - $23,500
= $124,500
Net income attributable to NCI = 124,500 x 0.40
= 49,800
Net income attributable to Chamberlain Corporation:
= (Revenues reported by Neville and Chamberlain)-(Expenses reported by Neville and Chamberlain) - Annual excess fair-value amortization - Net income attributable to NCI
= 458,000 + 810,000 - 310,000 - 441,000 -23,500 - 49,800
= $443,700
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marketing means that service quality depends heavily on the quality of the buyerseller interaction during the service encounter. question content area bottom part 1 a. inactive b. internal c. external d. intangible e. interactive
Marketing means that service quality depends heavily on the quality of the buyer - seller interaction during the service encounter: e. interactive.
What is interactive marketing?Interactive marketing can be defined as the way in which a buyer tend to communicate with a seller directly by informing the seller what their preference are or the type of product they want.
Interactive marketing is a form of marketing techniques or strategy use by companies so as to enables them know what their customers have on mind about their product or to receive feedback from their customers so as to know how to satisfy their customers by giving them quality service .
Therefore the correct option is E.
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Your organization employs highly skilled workers whose professional norms guide their behavior and decisions. What organizational structure should you use?.
You should use flexible structure if Your organization employs highly skilled workers whose professional norms guide their behavior and decisions.
Flexible structure:
Highly skilled workers prefer autonomy and less supervision. As a result, a more adaptable structure will benefit them. Their creativity will be stifled by a hierarchical and centralised structure.
Flexible business structures are those that emerge within a company as a result of the interactions between employees during normal business operations and the current employee relations.
In order to acquire an edge and maintain its competitive position, a flexible organisation is one that can quickly adjust to changes in its external environment.
The team structure is the most adaptable organisational structure, second only to the network structure. Employee teams that bring expertise to particular objectives or work processes form the foundation of the organisation.
So, the right answer is Flexible Structure.
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mobile advertising is a great tool for marketers, but all that good work could be undone if your website isn't what?
Mobile advertising is a fantastic tool for marketers, but if your website isn't optimized for different devices, all of your hard work could be for nothing.
What is mobile marketing, exactly?Any type of advertising that appears on mobile devices like smartphones and tablet computers is referred to as mobile advertising. Companies can use SMS text ads or banner ads that are embedded in mobile websites to advertise on these devices. In addition, downloaded apps and mobile games may contain them.
Consumers now have a wider range of options for how they consume media thanks to modern technology. People now actually spend more time using their smartphones, tablets, and other mobile devices than they do watching TV. The simplicity and low cost of these devices, as well as the accessibility of wireless connections that allow users to connect, are to blame for this.
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Briefly describe the four primary functional areas of a firm. how is operations related to them?
Marketing, production, finance and personnel are the four primary functional areas of a firm.
A company that offers professional services is referred to as a firm. This can be a corporation, limited liability company (LLC), or partnership.
A corporation, firm partnership, limited liability company, or sole proprietorship are examples of firms. A partnership is slightly more frequently linked to the phrase.
The process of raising money or capital for any kind of expenditure is referred to as finance. It involves directing different sources of funding, such as credit, loans, and invested capital, to the businesses that can use them most effectively. To assist you in making more informed trading decisions, finance offers real-time market quotes, global exchanges, current financial news, and analytics.
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merchandise is marked with a black-and-white series of lines to indicate the item's manufacturer, description, packaging, and promotions. what is the name of these lines?
The black and white series of lines is known as the Universal Product Code
The term "UPC," or "universal product code," refers to a specific kind of code that is written on retail goods packaging to help identify a specific item. There are two components to it: the machine-readable barcode, which is a pattern of distinctive black bars, and the distinctive 12-digit number below it. When an item is scanned at the register, UPCs are meant to make it simple to identify product characteristics such as the brand name, item, size, and colour. In fact, expediting the grocery store checkout procedure is the main reason they were developed in the first place. UPCs can be used to track inventory inside a store or warehouse.
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co-ownership can occur in a variety of ways, with significant variation in how the bundle of rights is jointly held. all of the following entities are forms of direct co-ownership except:
mention any 5 components to keepin mind while making professional plan
A professional plan is essential for the inception, growth, and overall success of a company. These professional plans provide a business with a vision for the future and a clear strategy for how to expand.
They are important for several reasons, one of the most prominent reasons being that
They provide a clear outline of actions that companies can take to reach their goals.Also, they provide insight as to what resources the business needs to reach its goalsThey establish a clear timeline of when a company can expect to achieve goalsThey can help a company determine the steps to take to expand into a new marketThey can offer a straightforward way to track progress as a company growsThere are several components to keep in mind while making a professional plan and each of them can help one to create a plan that leads your company toward success.
1. Executive summary: It is the first and one of the most critical parts of a business plan. It provides an overview of the business plan as a whole and highlights what the business plan will cover.
2. Market analysis and strategy: Its purpose is to research and identify a company's primary target audience and where to find this audience.
3. Products and services description: This comprises how you plan to manufacture them, how long they can last, what needs they may meet, and how much you project it might cost to create them.
4. Competitive analysis: It is very important to outline your competitors' weaknesses and strengths and how you expect your company might compare to these.
5. Financial projection and needs: It explains how you anticipate bringing in revenue. So, Include your financial statements, an analysis of these statements, and a cash flow projection.
true or false: if you owe $10,000 in taxes but have paid $8,000 in withholding payments and $1,900 in estimated payments, you will have a refund.
if you owe $10,000 in taxes but have paid $8,000 in withholding payments and $1,900 in estimated payments, you will have a refund- False.
Taxes must be paid during the course of the year as you earn or receive income, either through withholding or estimated tax payments. You might need to make estimated payments if the amount of income tax deducted from your salary or pension is insufficient, or if you receive income like interest, alimony, self-employment income, capital gains, prizes, or awards.
Usually, self-employed people are required to pay estimated payments. In addition to paying income tax, estimated payment is also used to pay additional taxes including the self-employment tax and the alternative minimum tax.
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Which of the following strategies is least appropriate for supporting the transfer of open skills?
A) teaching general principles
B) providing detailed checklists for trainees to follow
C) allowing trainees to make mistakes without fear of punishment
D) providing rewards for experimentation
Strategy which is least appropriate for supporting the transfer of open skills is providing detailed checklists for trainees to follow, hence, the correct answer is (d).
Opens skills are used in unpredictable and ever-changing settings, such as competitive team sports like netball, football, rugby, and swimming where players face a competitor. Open skills are dependent with outside circumstances such as timing, venue, weather, competitor skill level, and observers. Consequently, the player has no complete command over these external components. Open skills are usually difficult for novices and cognitively students because there are more outside distractions that make it simple to lose concentration. However, because they are able draw on knowledge from previous experiences, self - regulated learners and seasoned gamers frequently have an edge when using open talents.
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Geraldo is the owner/manager of geraldo’s cleaning service, a firm that cleans office building. Geraldo has a team of seven employees who do a fantastic job. To encourage them to keep up the good work, geraldo tells his employees that if they continue to work hard until the end of the quarter and if he is pleased with his profits at the end of the quarter, he will give them each a $100 bonus. At the end of the quarter, the company’s profits were extremely high. Will geraldo have to make good on his promise of a $100 bonus for each employee?.
Yes, Geraldo will have to award the bonuses because profits were extremely high.
Here, Geraldo promised if he is pleased with his profits at the end of the quarter, he will give his employees each a $100 bonus. As the profits are extremely high, he will have to award bonuses.
2. No. Geoffrey cannot enforce the deal because Robert was unaware of the true value of the planer.
Here, there was a lack of knowledge about the subject matter of the contract on the part of Robert. So, Geoffrey cannot enforce the deal because Robert was unaware of the true value of the planer.
Profit:-
Profit is what's left over after all expenses are covered. These expenses consist of labor, supplies, debt interest, and taxes. Typically, profit is used to describe a business's operations. However, everyone who earns money makes money. It's what's left over after the bills have been paid.
Profit is how business owners are rewarded for their investments. It is immediately paid as income in small businesses. In corporations, it's frequently distributed to shareholders in the form of dividends.
A "loss" is what happens when costs exceed income. A business falls bankrupt if losses persist for too long.
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economists generally use real gdp as a reference point because it: multiple choice isolates changes in output. is seasonally adjusted for variations in spending habits. varies less than nominal gdp does. captures spending in the underground economy.
Economists generally use real GDP over nominal GDP because it varies less than the nominal GDP. Economists are also using it to understand a variety of ways and means to make sure of the surrounding economy.
What is the meaning of GDP?Gross Domestic Product is very important in the case of understanding the market economically. The most important thing about economically understanding the Gross domestic product will become very problematic.
GDP or the Gross Domestic Product is the value of final goods and services that are supposed to be sold in the market. The value of the goods to b sold is necessary because it reflects the natural circumstances the nature and the actual reality of the society's Economy.
The more the GDP of a particular country helps in the process of earning the society. The final value of the GDP is beneficial asit talks about the value of money in a given time frame. Hence, option C is correct
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The level of real GDP person
a. differs widely across countries, but the growth rate of real GDP per person is similar across countries.
b. is very similar across countries, but the growth rate of real GDP per person differs widely across countries.
c. and the growth rate of real GDP per person are similar across countries.
d. and the growth rate of real GDP per person vary widely across countries.
Across nations, there are significant differences in real GDP per person levels and growth rates.
Inflation is accounted for in real GDP. In other words, Real GDP does not account for the impact of price increases and instead measures the actual increase in products and services. The average GDP per person in the economy is taken into account when calculating real GDP per capita.
The real GDP growth rate divided by the population growth rate gives the growth rate of real GDP per person. For instance, if an economy's real GDP increases by 5% while the population increases by 2%, the real GDP growth rate per person would be 3%.
Population, physical capital, human capital, and technological disparities among nations can all affect real GDP. There is still a sizable disparity in real GDP between nations even after accounting for variations in labor, physical capital, and human capital.
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According to the goldman sachs video case study on the factory of the future, which one of the following developments was not described as being a characteristic that defines the factory of the future?.
Daniela Costa, head of the European Capital Goods Equity Research team in Goldman Sachs Research, outlines three key drivers of this development, which could provide more than $500 billion in combined savings for manufacturers and customers.
Goldman Sachs is an American multinational funding financial institution and monetary offerings company. Founded in 1869, Goldman Sachs is situated at 2 hundred West road in decrease big apple, with local headquarters in London, Warsaw, Bangalore, Hong Kong, Tokyo, and Salt Lake town, and extra places of work in different global monetary facilities. Goldman Sachs is the second biggest investment financial institution in the international through sales and is ranked 57th at the Fortune 500 listing of the largest united states of America companies by overall revenue. It's miles considered a systemically critical financial institution by way of the economic balance Board. The employer has been criticized for a lack of ethical standards, working with dictatorial regimes, close relationships with the U.S. Federal government thru a "revolving door" of former employees, and using up charges of commodities through futures hypothesis.
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Which of the following statements are true about the chart of accounts?
a. Different companies use different charts of accounts based on individual company need.
b. The chart of accounts contains the balance of all of the accounts in a ledger.
c. The chart of accounts should be ordered in a logical sequence based on type of account.
d. The chart of accounts can be ordered in any sequence because they are not formal financial systems.
The following statements regarding the chart of accounts are accurate: Depending on the needs of each organization, various charts of accounts are used.
Based on account type, the chart of accounts should be arranged in a logical order.
An index of all the financial accounts in a company's general ledger is called a chart of accounts (COA). In a nutshell, it is a organization management tool that offers an easily understandable analysis of all financial transactions that a business made within a certain accounting period, divided down into subcategories.
Companies use a chart of accounts (COA) to arrange their finances and provide interested parties with a greater understanding of their financial health, such as shareholders and investors. To organization accomplish this and guarantee that the financial statements comply with reporting rules, expenses, revenue, assets, and liabilities are separated.
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You immediately resist an organizational change because you have a deep fear of change.
a. True
b. False
True. You immediately resist an organizational change because you have a deep fear of change. People may be resistant to change because they are afraid of failure and threats.
The perception of the danger involved, the amount of work required, and a desire to stay comfortable are three common causes for fear to change and team conflict. These reasons highlight apprehension about the negative consequences of organizational change.
People may be resistant to change because they are afraid of failure, threats to their job security, a lack of trust in management, a low acceptance for change, a high level of parochial self-interest, or the perceived absence of a demonstrated problem.
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understanding how cultural differences across and within nations affect the way business is practiced is known as
Understanding how cultural differences between and within countries might impact how business is conducted is referred to as cross-cultural literacy.
What do you mean by cross-cultural literacy?Cross-cultural literacy is the ability to comprehend how a country's culture influences how business is conducted there. "Relations between the Federative Republic of Brazil and the United States of America are referred to as Brazil-United States relations.
Knowing which side of the sidewalk to walk on, how to address strangers, and what kinds of music are popular where are a few instances of cultural literacy. Every one of these deals with a potential social oddity.
Why is Cross-cultural literacy so crucial?It lessens discrimination and inequity that is based on culture. elevates the importance of variation and diversity. involvement in social and civic activities such as visiting museums, seeing concerts, and engaging in community programming is increasedLearn more about country's culture: https://brainly.com/question/28547774
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What are typically netted against sales to arrive at net sales?
Sales discounts, sales return and allowances and credit card discounts are typically netted against sales to arrive at net sales.
The total of a company's net sales is its gross sales less any returns, rebates, and reductions. Externally, net sales calculations aren't always transparent. They can often be taken into account when determining top line revenues that appear on the financial statements.
Companies cannot be very open with the public about their net sales. Due to the various variables that influence its computation, net sales may not be applicable to every industry and company. Gross profit and gross profit margin will be affected by costs related to net sales, although net sales do not take into consideration cost of goods sold, which is typically the largest factor affecting gross profit margins.
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osha inspectors ruled that conditions in a production facility were hazardous and ordered the plant shut down until the company made required changes and passed a reinspection. this is an example of a(n) force for change.
OSHA inspectors ruled that conditions in a production facility were hazardous and ordered the plant shut down until the company made the required changes and passed a re-inspection. this is an example of a(n) external force for change.
This is further explained below.
What is external force?Generally, The term "external forces" refers to any forces that are produced by an agent that is located outside of the system. The forces that are exerted on one another by the components of a system are known as internal forces. The structure is subjected to stress from a variety of sources, including both internal and external pressures.
OSHA inspectors determined that the working conditions at a manufacturing plant constituted a danger, and they issued a directive that the factory is shut down until the firm made the necessary adjustments and passed a subsequent inspection. This is an example of an outside factor that contributes to change.
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CQ
osha inspectors ruled that conditions in a production facility were hazardous and ordered the plant shut down until the company made required changes and passed a reinspection. this is an example of a(n) _______force for change.
If osha inspectors ruled that conditions in a production facility were hazardous and ordered the plant shut down until the company made required changes and passed a reinspection. this is an example of a(n) external force for change.
What is external force for change?External force for change can be defined as the process in which a company tend to desire an environmental change due some factors that is affecting their work or business.
A change in external force can tend to have an impact on a company based on the fact that it can hindered the company from achieving their set goals and objectives.
Therefore we can conclude that external force of change can tend to affect a company operation.
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is the result of an error by one party about a material fact. if both parties to a contract are mistaken about a material fact, either can opt to rescind it. this is known as a(n)
When both parties to a contract are misinformed regarding a crucial piece of information in their agreement, this is referred to as a mutual error. They are opposing each other.
Though there is agreement, both parties are in error. This makes the contract voidable.
when one party is wrong on a crucial fact?
When only one party is incorrect about a crucial piece of the contract's foundation, this is referred to as a unilateral error. Unless there is an exception, the contract is typically upholdable even if one side made a mistake. When both sides are wrong about a crucial fact, it is referred to as a bilateral or joint error.
What does it mean when both parties make a mistake?
A unilateral error only involves the misperception of one party, but a mutual mistake happens when both parties have an incorrect belief.
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a taxpayer has two dependent children who are attending an accredited college. his son is a senior who spent $11,000 for tuition and fees. his daughter is a freshman and had tuition expenses of $4,000. the taxpayer meets all the income and filing status requirements for the education credits. there is no tax-free assistance to pay these expenses. what is the maximum credit that he may claim on his tax return?
The most credit score that he may also declare on his tax go back is
Option B ( $5000 American Opportunity Credit )$2500 Per student * child's= $5000
The required details for tax return in given paragraph
A tax go back is a shape or paperwork filed with a tax authority that reviews income, expenses, and different pertinent tax facts. Tax returns permit taxpayers to calculate their tax liability, time table tax payments, or request refunds for the overpayment of taxes. In maximum countries, tax returns should be filed yearly for an character or enterprise with reportable income, consisting of wages, interest, dividends, capital gains, or different profits.
In the United States, tax returns are filed with the Internal Revenue Service (IRS) or with the country or local tax series agency (Massachusetts Department of Revenue, for example) containing facts used to calculate taxes. Tax returns are commonly organized using paperwork prescribed with the aid of using the IRS or different applicable authority.
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When purchase costs are ____________, fifo will report the lowest cost of goods sold yielding the highest gross profit and net income.
When purchase costs are rising, FIFO will report the lowest cost of goods sold yielding the highest gross profit and net income.
FIFO is one method for monitoring closing inventory. The inventory is recorded at the new cost because it is first in, first out when it is recorded. Because the inventory with the lowest cost will be used up first, the inventory purchased last will be recorded, which will increase revenue or decrease the cost of goods sold depending on the circumstance.
When prices are rising, the more expensive, newer inventory is kept on the balance sheet. Since COGS are calculated using inventory that may be several years old and was purchased at a lower price, FIFO can boost net profitability.
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if fred's marginal rate of substitution of salad for pizza equals 5, then?
a. he will eat five times as much pizza as salad.
b. he will eat five times as much salad as pizza.
c. he would give up five pizzas to get the next salad.
d. he would give up five salads to get the next pizza.
When MRS of salad for pizza equals 5 then, he would give up five salads to get the next pizza
The ratio of pizza to salad is given by:
MUp/MUs = 5.
Marginal rate of substitution: The quantity of a good that a customer is prepared to consume in comparison to another good, provided that the new item is equally fulfilling, is known as the marginal rate of substitution (MRS) in economics.
Therefore, adding one extra pizza unit will slightly lower his MU. However, giving up one unit of salad would slightly raise his MU. He will therefore be prepared to forego a salad in order to have additional pizza, proving that b is true.
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consumer surplus is equal to the difference between the minimum price a buyer is willing to pay and the market price. the maximum price a seller is willing to accept and the market price. the minimum price a seller is willing to accept and the market price. the maximum price a buyer is willing to pay and the market price.
Consumer surplus is the difference between the highest price a buyer will accept and the market price.
What is consumer surplus?Consumer's surplus is defined as "exceeding the price that a consumer would be willing to pay over that which he actually pays" by British economist Alfred Marshall.
The price a consumer is willing to pay minus the amount he actually pays is the consumer's surplus.
Additionally, when the price and marginal utility are equal, the consumer is in equilibrium. In other words, he pays a price at which the marginal utility equals the cost. All apartments now have a fixed price. As a result, all units receive surpluses from him except for the one near the margin. Consumer surplus is this excess usefulness.
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when a company introduces a new product or process or business model with the intent of gaining a competitive advantage, that company is engaging in ______.
When a company introduces a new product or process or business model with the intent of gaining a competitive advantage, that company is engaging in innovation.
Innovation is the practical application of concepts that leads to the launch of new products or services or enhancements in the provision of existing products or services. Innovation is described by ISO TC 279 in the standard ISO 56000:2020 as "a new or altered entity realizing or redistributing value." Others have other meanings; a recurring theme in the definitions is a focus on the novelty, development, and dissemination of ideas or technologies.
Innovation frequently occurs as a result of the creation of more efficient goods, procedures, services, technology, works of art, or business models that innovators make available to consumers, governments, and society. Innovation and invention are connected, but they are not the same thing. Innovation is more likely to involve the practical application of an invention to have a significant impact on a market or society.
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these are ways to establish good credit: question 5 options: job! open savings account open checking account and manage it well. get a credit card such as a gas card or store card and make small purchases. spend money on football tickets.
The best way to establish good credit is to open a savings account and a checking account, and manage them both well. Another good way to establish credit is to get a credit card and make small purchases with it.
What is credit card?
A credit card is a type of payment card that is given to customers (cardholders) to allow them to pay a merchant for products and services according to the amount of debt they have accumulated. The card issuer (typically a bank or credit union) establishes a revolving account and provides the cardholder with a line of credit from which they can borrow money to pay for purchases or receive a cash advance. Consumer credit cards as well as business credit cards are the two types of credit cards. The majority of cards are made of plastic, but some are made of metal (stainless steel, gold, palladium, titanium), while others have gemstones embedded in the metal.
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Answer:
The best way to establish good credit is to open a savings account and a checking account, and manage them both well. Another good way to establish credit is to get a credit card and make small purchases with it.
Explanation:
Which of these are forces within an organization's general environment? (select all that apply) A. Economic B. Physical C. Political-Legal D. Technological
The PESTEL forces of economic, physical, political-legal, and technological nature make up an organization's overall environment.
The six general environmental influences are examined by organizations while making strategic business decisions. Political, economic, social, technical, environmental, and legal elements constitute the PESTEL acronym for these forces. Temperature, food, pollutants, population density, sound, light, and parasites are a few examples of environmental influences.
A PESTLE analysis gives contextual information about the company's direction, brand positioning, growth objectives, and productivity threats (such as the possibility of another pandemic). It can be used to define new product development and judge the viability of already available goods and services.
The task environment and a company's capacity to obtain the necessary materials and export items can both be shaped by general environmental pressures. They have the power to influence crucial elements of their business, such as their customers' propensity to buy their goods.
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Like an abstract in a report, this is a one-or two-paragraph summary of the product or service and how it meets the re quirements and exceeds expectations is known as the back ground section of a business proposal .
Effective business proposals are centered on a fantastic concept or resolution. Although you might be able to do it in an engaging fashion, you want your document and its solution to stand out against the backdrop of other offers.
the concept Who, what, when, why, and how. Be precise and succinct. Keep your language concise and avoid overstating. To prove your goods or service, use logical, well-supported arguments.
Which section of the business plan details how the company has dealt with problems?The executive summary should give a brief description of the issue that your company addresses, your proposed solution to the issue, the business's target market, major financial highlights, and a list of the management team's responsibilities.
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suppose in one year, you will be receiving $3,000. and in two years, $2,000. in 3 years, $5,000, and in 4 years $2,000, and in 5 years $1,000. what is the pv of these uneven cash flows if you assume a 11% interest rate?
The present value for these given un even cash flows is 9892. Present value is calculated by dividing future value to the compounded interest to n years which is explained below
Present Value (PV)= Future Value(FV) / (1+i)^n
PV= 3000/(1+0.11)^1 + 2000/(1+0.11)^2 + 5000/(1+0.11)^3 + 2000/(1+0.11)^4 + 1000/(1+0.11)^5
PV = 2703 +1623 + 3656 + 1317 + 593
PV = 9892
According to present value, a sum of money is worth more today than it will be tomorrow.
To put it another way, present value demonstrates that money obtained in the future is not as valuable as money received today.
Unspent funds now might depreciate in value over time at an assumed annual rate due to inflation or the rate of return on investments, if any.
In order to calculate current value, it is necessary to make the assumption that the money could receive a certain rate of return.
The predicted cash flows from an investment are discounted to the present to determine the present value.
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beginning inventory consists of 4 items at $10 each. during the month, the company purchased 3 items for $11 each and it sold 3 items. using last-in, first-out, the 3 goods sold are . multiple choice question.
$33 is the cost of the goods sold by the company using the LIFO method
Beginning inventory:
Number of items in the inventory = 4 items
Cost of each item = $10
Purchased items during the month:
Number of items purchased = 3 items
Cost of each item = $11 each
The company sold 3 items using the LIFO method, according to which the inventory which is purchased last by the company will be sold first. Hence, the 3 items which are purchased will be sold first as against the beginning inventory.
Hence, the cost of goods sold for the three items = 3*11 = $33
Learn more about LIFO method:
https://brainly.com/question/17236535
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