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Alex17521 [72]
3 years ago
6

What is the role of the three questions of economics?

Business
2 answers:
expeople1 [14]3 years ago
5 0
The role of three question of economics is to act as the basic principle of production decision making. "What to produce", "How to produce", and "For whom it should be produced" are the three basic questions of economics. We have to consider the type of product, the method of producing it, and the consumer when making a production decision<span>.</span>
I am Lyosha [343]3 years ago
5 0

on e 2020 its b. to aid in production decisions

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Answer:

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Given: Beginning inventory is 77 units at the cost of $19 per unit.

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Now, let´s find the cost of goods sold using LIFO method.

We know, LIFO method is Last in first out, which sell out inventory, which are most recently purchased. In a period of rising prices, LIFO inventory method tends to give the highest reported cost of goods sold.

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Let´s take units from recent purchased inventory.

Cost of good sold= 355\ units\times 19= \$ 6745

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