Sales revenue$ 4,000purchases of direct materials$ 400direct labor$ 450manufacturing overhead$ 620operating expenses$ 650beginning raw materials inventory$ 200ending raw materials inventory$ 180beginning work in process inventory$ 320ending work in process inventory$ 410beginning finished goods inventory$ 250ending finished goods inventory$ 200what was cost of goods manufactured? a) $1,580b) $1,380c) $1,400d) $1,490

B) $1,380

Explanation:

The computation of the cost of goods manufactured is shown below:

= Beginning work in process inventory + total manufacturing cost - Ending work in process inventory

where,

Total manufacturing cost = Purchase of Direct material + Direct labor + Manufacturing overhead

= $400 + $450 + $620

= $1,470

The other items value would remain the same

Now put these values to the above formula  

So, the value would equal to

= $320 + $1,470 - $410

= $1,380

answerindividual preferences are not revealed in the market for the good;

answer: in the short-run firms will respond by raising the price of turkey.

explanation: initially the long-run equilibrium is at a price of $5 per pound of turkey and a quantity of 50 million pounds per year. now, when webmd claims that a protein found in turkey will increase your expected lifespan by 4 years. the consumers demand for turkey will increase at every price shifting the demand curve to the right from d1 to d2. while, there will be no change in the supply curve in the short-run as it is not possible for producers to adjust supply so quickly. as a result the new equilibrium will occur at a higher price and a higher quantity of turkey.

thus, in the short run firms will respond by increasing the price of turkey, selling more quantity at a higher price and earning economic profits.