You run a small classroom market experiment with only three buyers and three sellers. The willingness to pay (reservation value
) for buyer A is $7 for each unit; for buyer B, it is $5 for each unit; and for buyer C, it is $3 for each unit. The willingness to accept (reservation value) for seller X is $2 for each unit; for seller Y, it is $4 for each unit; and for seller Z, it is $6 for each unit. 1.) Using the multipoint curve drawing tool, draw the demand curve for this market. Label the curve appropriately. 2.) Using the multipoint curve drawing tool, draw the supply curve for this market. Label the curve appropriately. (Hit the "Esc" key after you have plotted your last point to exit the drawing tool) Carefully follow the instructions above, and only draw the required objects.
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The amount allocated to ending inventory is $3664.
LIFO is an inventory method that means last in, first out. It means that it is assumed that the latest inventory that is sold, is the first to be sold. Ending inventory is made up of inventory that is purchased eelier.
- Total inventory sold = 40 + 26 = 68 units
- Sum of total inventory bought and beginning inventory = 10 + 60 + 30 = 100
- Ending inventory = 100 - 68 = 32
- Value of ending inventory = (22 x $112) + (10 x $120)
$2464 + $1200 = $3664
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