Samuelson and messenger (s& m) began 2018 with 320 units of its one product. these units were purchased near the end of 2017 for $22 each. during the month of january, 160 units were purchased on january 8 for $25 each and another 320 units were purchased on january 19 for $27 each. sales of 220 units and 180 units were made on january 10 and january 25, respectively. there were 400 units on hand at the end of the month. s& m uses a perpetual inventory system.

required:

1. complete the below table to calculate ending inventory and cost of goods sold for january using fifo method.

2. complete the below table to calculate ending inventory and cost of goods sold for january using average cost method.

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

answer///the factor market;