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Use the accompanying total revenue schedule of Emerald, Inc., a monopoly producer of 10-carat emeralds, to calculate the items listed in parts a-d. Then answer part e.
a. the demand schedule (Hint: the average revenue at each quantity indicates the price at which that quantity would be demanded.) b. the marginal revenue schedule c. the quantity effect component of marginal revenue at each output level d. the price effect component of marginal revenue at each output level e. What additional information is needed to determine Emerald, Inc.'s profit-maximizing output?
Tristan, Inc., applies the LIFO cost-flow assumption to value inventory. It began the current year with 2,000 units of inventory carried at LIFO cost of $20 per unit. During the first quarter, it purchased 8,000 units at an average cost of$40 per unit and sold 9,500 units at $60 per unit.
Assume the company expects to replace the units of beginning inventory sold in April at a cost of$45 per unit and expects inventory at year-end to be between 2,100 and 2,500 units. What amount of cost of goods sold should be recorded for the quarter ended March 31?