During Its Second Month of Operations, MLS Corporation Produced 300

question 156

Essay

During its second month of operations, MLS Corporation produced 300 units and sold 280 units at $40 each. The beginning inventory comprised 50 units, and costs were unchanged from the previous month. MLS uses a FIFO cost flow assumption to account for inventory. Costs incurred during the second month were:
Direct materials per unit produced $3
Direct labour per unit produced $5
Variable overhead per unit produced $7
Variable selling and administrative cost per unit sold $5
Total fixed production overhead $6,000
Total fixed selling and administrative costs $3,000
a)Reconcile MLS' income based on absorption costing and variable costing.
b)Reconcile MLS' income based on variable costing and throughput costing.

Understand the concept of class consciousness and its significance in labor movements.

Identify the effects of advertising and planned obsolescence on capitalism.

Distinguish between different classes and groups within a societal structure according to Marx and Weber.

Comprehend Weber's perspective on power, authority, and status groups.

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Definitions:

Creativity

The capacity to generate unique and inventive concepts, or to create something innovative and imaginative.

Action Orientation

A proactive attitude that focuses on taking immediate and decisive steps towards achieving goals.

Serial Entrepreneurs

Individuals who continuously come up with new ideas and start new businesses, often moving from one venture to the next, typically experiencing various levels of success.

Need for Achievement

A psychological drive in individuals that pushes them to succeed and excel in tasks.