ntercontinental Inc., uses a periodic inventory system. At the end of Year 2, the accounting records provided the following information relating to one of its products. UnitsUnit Cost Inventory, December 31, Year 11,830 $6 For Year 2: Purchase, March 21, Year 26,200 $5 Purchase, August 1, Year 24,070 $3 Inventory, December 31, Year 22,910 What is the amount of ending inventory and cost of goods sold under the FIFO inventory costing method

statement of owner"s equity;

answer///the stewardship worldview;

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.