What is surplus in economics?

A surplus describes the amount of an asset or resource that exceeds the portion that's actively utilized

Explanation:

A surplus is the amount of an asset or resource that exceeds the amount actively used. A surplus can refer to a variety of things, including income, profits, capital, and goods. A surplus occurs in a budgetary context when income earned exceeds expenses paid.

Computation of the estimated inventory at retail on a LIFO basis
Cost ($)
Beginning inventory 16,800.00 24,800.00
Purchases 50,800.00 79,800.00
Freight - in 4,300.00 -
Purchase returns (3,500.00) (4,400.00)
Add: Net markups - 2,900.00
Less: Net markdowns: - (5,900.00)
Goods available for sale (excluding beginning inventory) 51,600.00 72,400.00
Goods available for sale (including beginning inventory) 68,400.00 97,200.00
Less: sales
Net sales 72,400.00
Add back employee discount 2,500.00 (74,900.00)
Ending inventory, at retail 22,300.00