Use the figure below to answer the following questions. 
Figure 9.3.3
-Consider an initial budget line labelled RT in Figure 9.3.3.If the budget line becomes RS,the substitution effect is illustrated by the move from point
Definitions:
Ending Inventory
The total value of all inventory, including raw materials, work-in-process, and finished goods, at the end of an accounting period.
Weighted-Average Method
A cost accounting method that averages the costs of goods available for sale for the calculation of the cost of goods sold and ending inventory.
Conversion Costs
The combined costs of direct labor and manufacturing overhead expenses required to convert raw materials into finished goods.
Work in Process
Refers to goods that are in various stages of being made within a factory but are not yet completed.
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