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Stangol Co.uses process costing to account for the production of highlighter pens.Direct materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process.Cost per equivalent unit has been calculated to be $8.80 for conversion costs and $7.1667 for materials.12,000 units were worked on during the period.Ending inventory still in process was 4,000 units (100% complete for materials,50% for conversion) .The value of units completed and transferred out using the weighted average method would be closest to:
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The theoretical condition in which factors of production such as labor and capital can be moved without any barriers between industries or geographical locations.
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A period in economics where at least one factor of production is fixed, leading to limited adjustments in production or operation.
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