At the end of the first year of operations, 5,200 units remained in the finished goods inventory. The unit manufacturing costs during the year were as follows:

direct materials $35
direct labor $16.80
fixed company overhead $5.60
variable factory overhead $4.90

Determine the cost of the finished goods inventory reported on the balance sheet under (a) the absorption costing concept and (b) the variable costing concept.

Absorption costing: $

Variable costing: $

Frick (1991) claimed that computers would become so powerful that k-12 educators and students would be able to produce their own multimedia and web-based learning materials. he predicted that teachers and students would soon be able to use computer-video technology to produce their own learning materials. all it would require is time, know-how, and some funds.

An unmarried person, a divorced person, or a person legally separated from his or her spouse must choose which filling status when filling a federal income tax return?

Value economics capital scarcity opportunity cost wealth labor trade-offs standard of living good a. condition of not having enough resources to produce all the things people want b. alternative choices made by consumers in the marketplace c. sum of those economic products that are tangible, scarce, useful, and transferable d. tools, equipment, machinery, and factories used in the production of goods and services e. tangible item that is economically useful or that satisfies an economic want f. quality of life based on the ownership of the necessities and luxuries that make life easier g. people with all their efforts, abilities, and skills h. cost of the next-best alternative use of money, time, or resources when one choice is made rather than another i. study of how people try to satisfy their needs through the careful use of scarce resources j. worth that can be expressed in dollars and cents