Causwell company began 2018 with 10,000 units of inventory on hand. the cost of each unit was $5.00. during 2018 an additional 30,000 units were purchased at a single unit cost, and 20,000 units remained on hand at the end of 2018 (20,000 units therefore were sold during 2018). causwell uses a periodic inventory system. cost of goods sold for 2018, applying the average cost method, is $115,000. the company is interested in determining what cost of goods sold would have been if the fifo or lifo methods were used.

The amount of cost of goods sold using FIFO method is $110,000.

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1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know