Lint Company sells many products. Gizmo is one of its popular items. Below is an analysis of the inventory purchases and sales of Gizmo for the month of March. Flint Company uses the periodic inventory system. Purchases Sales Units Unit Cost Units Selling Price/Unit 3/1 Beginning inventory 92 $30 3/3 Purchase 54 $40 3/4 Sales 54 $70 3/10 Purchase 184 $45 3/16 Sales 62 $80 3/19 Sales 84 $80 3/25 Sales 54 $80 3/30 Purchase 38 $50

a. Using the FIFO assumption, calculate the amount charged to cost of goods sold for March.
b. Cost of goods sold $ Using the weighted-average method, calculate the amount assigned to the inventory on hand on March 31. (Round intermediate calculation and final answer to 0 dec Ending Inventory $ c. Using the LIFO assumption, calculate the amount assigned to the inventory on hand on March 31. Ending Inventory $

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 law of increasing costs;