Beginning inventory, January 1 1,450 $ 50 Transactions during the year: a. Purchase, January 30 2,150 62 b. Sale, March 14 ($100 each) (1,380 ) c. Purchase, May 1 1,130 80 d. Sale, August 31 ($100 each) (1,550 ), Calculate the cost of goods sold and ending inventory for Gladstone Company assuming it applies the LIFO cost method perpetually at the time of each sale.

cost of goods sold is $197,800

ending inventory is $55,000

Explanation:

LIFO System is an Inventory Management Method that sells the Recent Inventory Acquired First followed by older Inventory.

Cost of Goods Sold

March 14 = (1,380×$62) = $85,560

August 31 = (1,130×$80) =  $90,400

                 =  (70×$62)    =   $ 4,340

                 = (350×$50)   =  $ 17,500

Total                                =  $197,800

Closing Inventory

(1,100×$50) = $55,000

b. take periodic breaks and alternate between tasks.  

will increase work efficiency, and avoid health issues.

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know