Knowledge Check 01 Assume that we use a perpetual inventory system and that five identical units are purchased at the following dates and costs: April 5 $10 April 10 $12 April 15 $14 April 20 $16 April 22 $17 One unit is sold on April 25. The company uses the first-in, first-out (FIFO) inventory costing method. Identify the cost of the ending inventory on the balance sheet.

1. all other things equal, according to the law of demand, when the price of a good falls, the demand for the good falls the demand for the good rises the quantity demanded of the good falls the quantity demanded of the good rises 2. when a market is in equilibrium, the quantity of the good that buyers are willing and able to buy exactly equals the quantity that sellers are willing and able to sell cannot be determined is less than the quantity that sellers are willing and able to sell is greater than the quantity that sellers are willing and able to sell 3. which of the following factors does not influence the demand for a good or service? consumer (buyer) income the price of related goods the number of sellers buyer expectations 4. when the number of sellers in a market increases, demand rises supply rises the price rises, all else equal the number of buyers falls

Vendors provide restaurants with what? o a. cooked items ob. raw materials oc. furniture od. menu recipes

Pederson company reported the following: manufacturing costs $480,000 units manufactured 8,000 units sold 7,500 units sold for $90 per unit beginning inventory 2,000 units what is the average manufacturing cost per unit? (round the answer to the nearest dollar.)