Powell Company began the Year 2 accounting period with $18,400 cash, $61,500 inventory, $49,300 common stock, and $30,600 retained earnings. During Year 2, Powell experienced the following events:

Walking through the grocery store, ramon sees a "buy 2, get 1 free" deal on laundry detergent. even though he currently has plenty of detergent he decides to take home all three bottles. ramon's decision seems to have been based mostly on his immediate need for the detergent the low price of alternative brands the limited income he presently earns the sale price offered for the detergent