Osama Traders uses the Perpetual Inventory System. Following are the concerning purchases and sales of merchandise (including opening balance) during the month of October, 2014. Description Opening balance Purchases Sales Purchases Rate per unit Rs.12.00 Rs.13.00 Rs.15.00 Date Quantity 6,000 January 01 January 03 January 04 January 05 January 06 January 09 January 14 4,500 2,500 3,500 Rs.14.00 Sales 8,000 Rs.20.00 Purchases Sales Rs.13.50 Rs.20.00 10,000 12,000 Calculate Cost of Ending Inventory and Cost of Goods Sold using FIFO & LIFO method.
Functions of the Federal Reserve System
The Federal Reserve System looks after the financial activities and operations of the banking system. It is the apex body that has complete control over the banking regulations. All the guidelines regarding the banking system, money supply, and formulation of the monetary policy come under the purview of the Federal Reserve System. The New York Fed also helps in drafting the monetary policy and supervising the financial system.
Elastic and Inelastic Markets
Measuring the change in percentage of an economic variable with respect to change in a different economic variable is known as elasticity. This change in percentage results in a change in price concerning changes in other factors. In simple terms, when one factor brings a change to another factor, it is called elasticity.
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