Stetson Manufacturing builds custom wooden cabinets.Classify the following items as a)what category of product costs and b)whether the item is a prime or conversion cost.
Definitions:
Purchasing Power
The value of a currency expressed in terms of the amount of goods or services that one unit of money can buy.
Nominal Exchange Rate
The price of one currency in terms of another, not adjusted for inflation differences between the countries.
Price Level
The price level represents the average of the current prices of goods and services in an economy, often measured by a price index.
Domestic Prices
The cost of goods and services within a country's borders, influenced by local demand, supply, taxes, and subsidies.
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