Jones Co. started the year with no inventory. During the year, it purchased two identical inventory items at different times. The first purchase cost $1,240 and the other, $1,480. Jones sold one of the items during the year.

Required:
Based on this information, how much product cost would be allocated to cost of goods sold and ending inventory on the year-end financial statements, assuming use of following cost flow assumptions:

a. FIFO?
b. LIFO?
c. Weighted average

Costs of production that do not change when output changes.question 17 options: total revenuefixed incometotal costfixed cost

Which statement below best describes george waring's approach to solving the problems of water-borne illness? a. waring is going with his "gut," because he believes that instincts and emotions are the best guides for action. b. waring efficiently and thoroughly lays out the case for why the problems are too large and overwhelming to be solved: people should just move out of cities back to their farms. c. waring has gathered the testimonies of people who live in densely populated areas in order to learn how they themselves have solved their problems. d. waring exhibits the industrial age's increased respect for and reliance on science and the scientific method.

Describe what fixed costs and marginal costs mean to a company.