Answer:
Process operations are for when there are multiple goods to be produced. These products normally have the same specifications so can be mass produced.
This is different from Job order operation which is used when a single good is product. It is usually used for customized goods.
Process operations:
- Beach towels
- Bolts and nuts
- Lawn chairs
- Headphones
Job Order operation
Answer:
This was an actual court case that ended in the Court of Appeals of the First District of California. Initially a lower court had ruled against the Sharabianlous and set extremely high compensations for damages to Berenstein. I do not understand why the court did it since it was proven that the land was contaminated and couldn't be sold under unless cleaned.
Finally, the court of appeals ruled in favor of the Sharabianlous, not because they thought they were right, but due to errors in the original trial.
The big issue in this case was that the contract signed by the Sharabianlous wasn't clear enough about what would happen if the land was not suitable for sale and they also failed to seek a lawyer when the contamination issues became obvious. If you read the case, even the real estate broker acted against the Sharabianlous when the property was appraised since he didn't tell the appraiser about the contamination issues.
The final ruling was made in 2010, 8 years after the parties engaged in the transaction, which gives us an idea of how complicated things can get when legal procedures are not followed, even though the outcome should be obvious.
If I was part of a jury and the case was about property that couldn't be sold due to contamination, I would probably vote in favor of the buyer, not the seller. It's common sense, but sometimes it you do not follow the appropriate legal path, common sense makes no sense at all.
Answer:
(a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO.
Cost of Inventory 4,900
Cost of goods sold 13850
(b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO.
Cost of Inventory 6,300
Cost of goods sold 12450
(c) Compute the gross margin for each method.
Sales = 36,000
FIFO
Gross profit Margin = (36000 - 13850) / 36000 = 61.5%
Gross profit Margin = (36000 - 12450) / 36000 = 65.4%
Explanation:
The working is attached in an MS Excel file with this answer. Please find it.
Answer:
a) random events.
Explanation:
According to my research on lottery drawings, I can say that based on the information provided within the question the two winnings are just random events. The chances of Josephine winning the lottery can be explained statistically with probabilities, but even still the two winning tickets are random events that happened in her life. Even tho the chances can be explained statistically it does not mean that the next ticket will be a winner as well, regardless if she is on a lucky roll.
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