Polly is a cash basis taxpayer with the following transactions during the year:
Calculate Polly's income from her business for this calendar year.
Definitions:
Carrying Cost
The total cost of holding inventory, including storage, insurance, taxes, depreciation, and opportunity costs.
Safety Stock
Extra inventory kept in reserve to mitigate the risk of stockouts due to fluctuations in supply and demand, serving as a strategic insurance against variability in lead times.
Lead Time
The total time that elapses between the initiation and completion of a process, such as from placing an order to delivery of a product.
5Ss
refers to a workplace organization method that uses a list of five Japanese words: seiri, seiton, seiso, seiketsu, and shitsuke, translating to sort, set in order, shine, standardize, and sustain.
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