Let d = demand, s = supply, p = equilibrium price, and q = equilibrium quantity. what happens
in the market for tropical hardwood trees if the governments restrict the amount of forest lands
that can be logged?
a) d decreases, s no change, p and q decrease
b) d and s decrease, p and q increase
c) d no change, s decreases, p increases, q increases
d) s decreases, d no change, p increases, q decreases

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.