The Kwanika Co

question 133

Essay

The Kwanika Co.operates in a lean manufacturing environment.During its first year of operations, Kwanika budgeted for 40,000 hours in the production of 100,000 units in its cell X-22.Material costs were $7 per unit.Cell X-22 conversion costs were budgeted for the year as follows:
During January, material for 8,400 units was purchased on account.There were 8,200 units manufactured and 8,000 were sold shipped to customers for $35 each.Journalize: a the material purchases; b the application of conversion costs; c the transfer from work in process to finished goods; and d the sales were made on account and associated cost of goods sold for the month of January.

Identify the factors affecting human decision making, including the impact of framing, temptation, and future versus present preferences.

Understand the concept of "bounded rationality" and its significance in behavioral economics.

Examine the role of external factors, such as store layout and advertisement, on consumer behavior from a behavioral economics perspective.

Analyze the implications of behavioral economics on public policy and market strategies.

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