Final answer:
Without a balance sheet or cash flow statement, it is impossible to determine how much in fixed assets the company sold. For the self-check question, the firm's accounting profit was calculated to be $50,000 by subtracting the total costs from the sales revenue.
Step-by-step explanation:
To determine how much in fixed assets the company sold, you would typically look at the company's balance sheet changes or the cash flow statement. However, the provided information does not give explicit details on the sale of fixed assets. To answer such a question, one would analyze the balance sheet to assess the change in the fixed assets account from one period to another and adjust for depreciation and any purchases of fixed assets made during the period. Since the provided information does not contain a balance sheet or mention of asset sales, it is impossible to answer how much in fixed assets the company sold without additional data.
However, regarding the self-check question provided, the firm's accounting profit can be calculated. The firm's accounting profit is the difference between the firm's total revenue and its costs. Using the figures given:
- Sales Revenue: $1,000,000
- Labor Costs: $600,000
- Capital Costs: $150,000
- Materials Costs: $200,000
Accounting Profit = Sales Revenue - (Labor Costs + Capital Costs + Materials Costs)
Accounting Profit = $1,000,000 - ($600,000 + $150,000 + $200,000)
Accounting Profit = $1,000,000 - $950,000
Accounting Profit = $50,000
Therefore, the firm's accounting profit was $50,000 last year.