Use the following data to calculate the cost of merchandise sold:
sales: $80,000
beginning inventory: $5000 purchases: $21,800
purchase discounts: $790
ending inventory: $5,100

Explain the relationship between consumers and producers in economic growth and activity

Frost corporation incurred the following transactions during its first year of operations. (assume all transactions involve cash.) 1) acquired $1,900 of capital from the owners. 2) purchased $435 of direct raw materials. 3) used $290 of these direct raw materials in the production process. 4) paid production workers $490 cash. 5) paid $290 for manufacturing overhead (applied and actual overhead are the same). 6) started and completed 250 units of inventory. 7) sold 140 units at a price of $6 each. 8) paid $130 for selling and administrative expenses. the amount of raw material inventory on the balance sheet at the end of the accounting period would be:

Before setting your prices, it's wise to a. subtract your profit margin from your costs. b. research industry standards. c. memorize the formula for cost plus. d. ignore your competitors' prices.