Nash Company sells one product. Presented below is information for January for Nash Company.

Jan. 1 Inventory 102 units at $5 each
4 Sale 81 units at $8 each
11 Purchase 158 units at $6 each
13 Sale 126 units at $9 each
20 Purchase 152 units at $6 each
27 Sale 98 units at $10 each
Nash uses the FIFO cost flow assumption. All purchases and sales are on account.

Assume Nash uses a periodic system. Prepare all necessary journal entries, including the end-of-month closing entry to record cost of goods sold. A physical count indicates that the ending inventory for January is 119 units.

As a result of a labeling mistake at the chemical factory, a farmer accidentally sprays weedkiller rather than fertilizer on half her land. as a result, she loses half of her productive farmland. if the property of diminishing returns applies to all factors of production, she should expect to seea. a decrease in the marginal productivity of her remaining land and an increase in the marginal productivity of her labor. b. an increase in the marginal productivity of her remaining land and an increase in the marginal productivity of her labor. c. an increase in the marginal productivity of her remaining land and a decrease in the marginal productivity of her labor. d. a decrease in the marginal productivity of her remaining land and a decrease in the marginal productivity of her labor.