Category «Corporations»

Prepare an income statement through gross profit for the year ended.?

Freight-in $5,060 Inventory (beginning) 41,300 Purchases 613,000 Purchases Discounts 7,000 Purchase Returns and Allowances 6,760 Sales Revenue 902,000 Sales Revenue and Allowances 20,000 Sales revenue less sales returns and allowences net sales cost of good sold gross profit If there is no ending inventory amount, cost of goods sold cannot be calculated. That is unless …

Which statement concerning monopolistic competition is false?

A. Long-run equilibrium under monopolistic competition is achieved where economic profits are zero B. Monopolistic competition is likely to result in a greater variety of product brands than pure competition. C. the monopolistic competitive demand curve is more elastic than the demand curve facing a monopolistic firm. D. Monopolistic competition does not lead to any …