The following information is available for the LBB Company for the year 2018:
Required
(1)What are total manufacturing costs charged to work in process?
(2)What are costs of finished goods manufactured?
(3)What is the cost of goods sold?
(4)What is gross profit?
(5)What is operating income?
Definitions:
Externalities
Economic side effects or consequences that affect uninvolved third parties; can be negative (costs) or positive (benefits).
Not Excludable
A characteristic of goods or services that does not allow for the prevention of use by individuals who have not paid for it.
Not Rival
A characteristic of a good where its consumption by one individual does not reduce availability to others, often associated with non-rivalrous goods.
Club Good
A type of good that is excludable but non-rivalrous, meaning those who do not pay cannot access it, but one person's use does not diminish availability for others.
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