Company's inventory records for its retail division show the following at 31: Beginning inventory Jan.1 90 units at $8 per unit
Jan.10 purchase 320 units at $11 per unit
Jan. 22 purchase 130 units at $12 per unit

At January 31, 190 units are still on hand. What is the cost of the ending inventory at January 31 if company uses the FIFO method?

a. $1,820
b. $2,220
c. $1,520
d. $1,440

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.