Company purchased 200 units for $40 each on january 31. it purchased 115 units for $50 each on february 28. it sold 175 units for $65 each from march 1 through december 31. if the company uses the lastminus−in, firstminus−out inventory costing method, what is the amount of cost of goods sold on the income statement for the year ending december 31? (assume that the company uses a perpetual inventory system.)

Which of the following statements is (are) true? i. free entry to a perfectly competitive industry results in the industry's firms earning zero economic profit in the long run, except for the most efficient producers, who may earn economic rent. ii. in a perfectly competitive market, long-run equilibrium is characterized by lmc < p < latc. iii. if a competitive industry is in long-run equilibrium, a decrease in demand causes firms to earn negative profit because the market price will fall below average total cost.