The item that has many close substitutes tend to have an elastic demand since this means that the consumers have a lot of variations to choose from. This makes the demand for the item very dependent on the number of consumers this item caters. The more substitutes mean more competition, more choices for the consumers, less demand for a particular item.
Answer:
$109,250
Explanation:
FIFO assumes that the units to arrive first, will be sold first. Therefore, inventory valuation is based on later or recent prices.
Step 1 : units in ending inventory
Ending Inventory = units available for sale - units sold
= 9,500
Step 2 : inventory value
Ending Inventory = 9,500 x $11.50 = $109,250
Answer:
D
Explanation:
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