Joe Was Walking in a Park and Found a Watch

question 95

Essay

Joe was walking in a park and found a watch. He took it to the city's lost-and-found, but it was not claimed. Three years later, Joe went to the lost and found, asked for the watch, and was told that the watch was a property of the city. Explain Joe's legal position in these circumstances.

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Definitions:

Standard Costs

Predetermined costs for materials, labor, and overhead used as targets for controlling production costs.

Direct Materials Price Variance

The difference between the actual cost and the standard cost of direct materials used in production.

Standard Materials Quantity

The estimated amount of materials expected to be used in the production of a product under normal operating conditions.

Board Feet

A unit of measure for lumber, representing a volume of 144 cubic inches, equivalent to a board that is one foot long, one foot wide, and one inch thick.