<span>Input is the object, the material, the information, land, equipment, money, knowledge we fed into a process.
Output is the created product (good or service) </span>that provide added value<span> to customers.</span><span> And the process that makes conversion from the input into the output is the o</span><span>perations management.
In our case the final product is operating a summer band camp. The input are materials, buildings (where the camp will be located), hiring staff, but also non-material things -advertising for example. The conversion is rebuilding, interviewing staff.. and the output is opened summer band camp, satisfied customers and hired staff . </span>
<span>Jayson should :
(1) Reduce the balance in its Inventory controlling account and inventory subsidiary ledger by $7,000.
(2) Record a $7000 current liability.
(3) Reduce the balance in its inventory controlling account and inventory subsidiary ledger by $7000
(4) Reduce the balance in the inventory controlling account and record a current liability both in the amount of $7000.</span>
Answer:
The correct answer is: The fallacy of composition.
Explanation:
The fallacy of composition refers to the usually mistaken idea that an individual has in which because a component of a whole is a certain way, the whole is that very certain way, too. The fallacy of composition is a simplified, subjective generalization that individuals come up with where there is not enough proof that the statement being provided is real.
Thus, <em>as George believes Lillian is arrogant because she is part of the LGP groups and George has met previous LGP members who are arrogant, he is assuming all LGP members are arrogant. George has fallen into the composition fallacy.</em>
Answer:
Step 1: Identify contract(s) with customer
Correct Match: Customer agrees to purchase one computer plus two years of data services for an agreed upon price.
Step 2: identify performance obligation(s) in the contract
Correct Match: Customer will receive the computer immediately and will benefit from two years of data services for the tablet.
Step 3: Determine transaction price
Correct Match: The total price for the computer and two years of services is $800.
Step 4: Allocate transaction price to performance obligation(s)
Correct Match: The standalone selling price of the computer is $500 and of the two-year service contract is $300.
Step 5: Recognize revenue when (or as) each performance obligation is satisfied through a transfer of control
Correct Match: Customer takes possession of the computer and benefits from the data service over two years.
Answer:
<u>Weighted average</u>
COGS: 7176.18
Enbding Invnetory: 4192.82
<u>LIFO</u>
cogs 7,491
ending inventory 3878
<u>FIFO</u>
COGS: 6875
Ending Inventory: 4494
Explanation:
event units price subtotal
Beginning 21 71 1491
Purchase 31 77 2387
Purchase 42 81 3402
Purchase 47 87 4089
available 141 11369
Average price: 11,369 / 141 = 80.6312
COGS: (47 + 42) x 80.6312 = 7176.1773
Enbding Invnetory:
(141 - 47 - 42) x 80.6312 =4192.822695
LIFO
we sale the latest units thus, we compute for sold October 14 and August 22
42 x 81 + 47 x 87 = 7,491
Then, Ending Inventory:
good available - COGS = ending inventory
11,369 - 7,491 = 3878
FIFO we sale the first units so we take from the beginning unti l achieve the 89 units sold (42 + 47)
21 from beginning at 71
31 from March at 77
37 from August at 81
Total COGS: 6875
Ending Inventory
good available - COGS = ending inventory
11,369 - 6875= 4494
