A company has beginning inventory of 300 units at $ 15.97 each; They purchased 400 units at $ 5.51 each on June 2; On June 15, they also purchased 200 units at $ 10.42 each. A physical count of merchandise inventory at the end of the month revealed that 500 units were sold. What is the cost of goods sold using the FIFO inventory method

In a perfectly competitive market, the long-run market supply curve tends to be horizontal or nearly so. what is another way to state this fact? (a) market supply is much more elastic in the long run than the short run. (b) in the long run, average total cost is minimized. (c) in the long run, price equals marginal cost. (d) market supply is much less elastic in the long run than the short run.