Answer:
Cost of goods sold is $196
Explanation:
Using FIFO inventory sold are valued at the price of the most earliest stock in inventory.
The 16 units would be valued at $11 per one while the remaining 2 units would be valued at price of the purchase made on August 3 which cost $10 each
costs of goods sold=($11*16)+($10*2)
=$176+$20=$196
The costs of goods sold would be $196 if FIFO method of inventory valuation is used
The answer is mostly True.
In order to have competition in a market economy, there must be at least 2 or more sellers acting independently in a particular market.
<h3>What is
competition in a market economy?</h3>
competition in a market economy serves as one that allows multiple individuals as well as businesses to use resources efficiently as well as producing the cheapest products without compromising quality.
It should be noted that In order to have competition in a market economy, there must be at least 2 or more sellers acting independently in a particular market.
Learn more about competition at:
brainly.com/question/9698922
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Answer:
Explanation:
The attached diagram contain solution to the question ask
