Answer:
The total cost of goods sold = $70,000
Explanation:
Given:
Initial inventory at the start of the year for Jackson Co. = $20,000
Total cost of purchases made during the year = $80,000
Inventory remaining at the end of the year = $30,000
Solution:
Total inventory for Jackson Co. during the year = 
Inventory remaining at the end of the year = $30,000
The cost of the goods sold can be calculated by subtracting the remaining inventory from the total inventory.
Thus, cost of goods sold can be given as :
⇒ 
⇒ 
The total cost of goods sold = $70,000
<u>Answer: </u>Just in time inventory
<u>Explanation:</u>
Just in time is the strategy that is generally used in production units where they can efficiently manage the stock by reducing the waste. The waste can be reduced by receiving the goods only when they are needed so this reduced the inventory costs.
Inventory cost are the costs related to procurement, storage and maintenance of the inventory. Walgreens store can reduce the stocking of goods cost by ordering them on time when required alone. The small shipment of goods for every two days once can reduce the inventory cost.
Answer:
$21.65
Explanation:
The computation of the standard cost is shown below:
= Material cost + labor cost + factory overhead cost
where,
Material cost = 3 ÷ 4 × $5 per yard
= $3.75
Labor cost = 2 hours × $5.75 = $11.5
And, the factory overhead cost is
= $3.20 × 2 hours
= $6.4
So, the standard cost is
= $3.75 + $11.5 + $6.4
= $21.65
Answer: $480
Explanation:
Given that,
Scrap value of metal = $480
press is six years old, Original cost = $174,000
Current book value = $3,570
Since, we know that the realizable value of the printing press is only $ 480, so tattle teller should assign the same as the initial cost of the new project.
Hence, $480 will be the initial cost of press for the new project.
Answer:
Endowment effect
Explanation:
Endowment effect also referred to as divestiture aversion occurs where individual places or ascribes much higher value than market value on product they already have. where endowment effect is at play the owner of an asset will refuse to sell the asset owned at a the market price higher than the initial cost. and even not ready to buy same item at the market price when offered.
This surprising behavioural pattern was discovered by a psychologist Richard Thaler in the 1970s
