In most societies, resources are allocated by the combined action of millions of households and firms.
Resources are very important to setup and build societies. Resources are scare and this is the reason why societies and households faces many decisions. How societies manage scare resources, we study this in economics.
Answer:
The cost of ending inventory is $24314.
Explanation:
Under the average cost method, the inventory is valued at the average cost of all the inventory that is available from the start of the month and the purchases made.
The average cost of inventory can be calculated by summing up the total cost of beginning inventory and purchases and dividing it by the total number of units available for sale.
Average cost per unit = [ 480*65 + 720*68 + 360*70 ] / [480 + 720 + 360]
Average cost per unit = 67.538 rounded off to $67.54 per unit
The total inventory available for sale = 480+720+360 = 1560 units
The ending inventory in units = 1560 - 1200 = 360 units
The cost of ending inventory = 360 * 67.54 = $24314.4 rounded off to $24314
The case filed by Gerwin against Baker will be null and void, as thee is no existence of any legal contract between the parties as such.
<h3>What is a legal contract?</h3>
A contract is said to be a legal one when the party who is presented with such an offer accepts on the terms and with a condition that the offer must be for legal activities.
In case when any of the criterion mentioned above are not followed by the offeror or the offeree, then in such case, any lawsuit filed against the plaintiff will be considered as null and void.
Hence, it can be concluded that there is no legal contract between Gerwin and Baker, and thus their cases are null and void.
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This is True that In the United States, inflation reached double-digit rates in the 1970s and early 1980s but has since declined and recently, has been relatively mild.
<h3>What is inflation?</h3>
A general increase in the cost of goods and services is referred to as inflation. Each unit of currency may purchase fewer products and services as the general price level rises, hence inflation is associated with a decline in the purchasing power of money.
When prices for goods and services increase rapidly, there is rapid inflation, which reduces the purchasing power of savings. Oil prices, currency speculators, rapacious businesspeople, and avaricious union leaders were held responsible for The Great Inflation.
Numerous businesses were destroyed and countless people were harmed by the Great Inflation and the recession that followed.
Cause for the decline in inflation:
- Reduced government spending,
- Stock market declines,
- Consumer desire to save more money,
- Tighter monetary regulations
When the economy's output expands more quickly than the amount of available credit and money, falling prices can also occur spontaneously
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