P6.5B (LO 2, 3) AP Bennett Basketball sells a variety of basketballs and accessories. Information follows for Bennett Basketball's purchases and sales during February and March for Up-Snap, one of its top
brands of basketballs:
Purchases
Sales
Units Unit Cost Units Unit Price
Feb. 7
18
$32
23
50
$20
26
50
30
Mar. 10
24
19
23
29
23
Bennett uses a perpetual inventory system. On February 1, Bennett had 36 units on hand at a cost of $21
each. All purchases and sales during February and March were on account.
Instructions
a. Determine the cost of goods sold and ending inventory under a perpetual inventory system using (1)
FIFO and (2) weighted average. (Round the weighted average cost per unit to two decimal places.)
b. Calculate gross profit using (1) FIFO and (2) weighted average.

answer$225.00;

answercountries with higher real income per capita tend to have higher levels of this index.

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.