Which of the following statements is not correct? a. some goods that are often thought of as public goods may be private goods in certain circumstances. for example, a lighthouse that protects a privately owned port may be a private good. b. antipoverty programs can be an example of a public good because everyone benefits from living in a society with less poverty. c. some goods that are often though of a private goods may be public goods in certain circumstances. for example, a candy bar could be a public good. d. the government must provide national defense because it is impossible to exclude people from its benefit, and the consumption of national defense is nonrival in consumption.

Waterway company’s record of transactions for the month of april was as follows. purchases sales april 1 (balance on hand) 672 @ $6.00 april 3 560 @ $11.00 4 1,680 @ 6.08 9 1,568 @ 11.00 8 896 @ 6.41 11 672 @ 12.00 13 1,344 @ 6.51 23 1,344 @ 12.00 21 784 @ 6.61 27 1,008 @ 13.00 29 560 @ 6.79 5,152 5,936 (a) calculate average-cost per unit. (b) assuming that periodic inventory records are kept in units only, compute the inventory at april 30 using lifo and average-cost. (c) assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) fifo and (2) lifo. (d) compute cost of goods sold assuming periodic inventory procedures and inventory priced at fifo.