The Johnson Corporation Reported at the End of the Year

question 62

Multiple Choice

The Johnson Corporation reported at the end of the year a LIFO reserve of $45,000.The beginning LIFO reserve was $60,000.The cost of goods sold was $260,000 under LIFO.The cost of goods sold under FIFO should be

• A)$245,000.
• B)$260,000.
• C)$275,000.
• D)$305,000.

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Definitions:

Operant Conditioning

A learning process by which the strength of a behavior is modified by reinforcement or punishment, a concept introduced by B.F. Skinner.

Tardiness

The act of being late or delaying arrival beyond the expected or scheduled time, often viewed negatively in professional and educational settings.

Job Simplification

The process of breaking down tasks into simpler and smaller components to increase efficiency and reduce complexity.

Assembly-Line Job

Positions in a manufacturing process where each worker is responsible for a specific, repetitive task in the sequence of production.