The market price of airline flights increased recently. Some economists suggest that the price increased because several airline
s went out of business. They believe that, in the market for flights:
a. demand increased.
b. supply increased.
c. demand decreased.
d. supply decreased.
a. demand increased.
b. supply increased.
c. demand decreased.
d. supply decreased.
1 answer:
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Answer:
WA 1,682
LIFO 910
FIFO 2,260
Explanation:
We add the units purchase and the subtotal to get the total units available for sale.
Ending inventory physical units: 970 - 810 = 160 units
<u>Then, we calculate for each method:</u>
Weighted average:
cost of goods / available units = 10,190 / 970 = 10.51
160 units x 10.51 = 1,681.6
LIFO:
Ending inventory will be the oldest units:
160 units x 8 = 960
FIFO:
Ending inventory will be the newest units as the units are sold as soon as they come in
90 x 15 = 1,350
70 x 13 = 910
Total 2,260