Production Possibilities Tables for Two Countries, North Cantina and South

question 248

Multiple Choice

Production possibilities tables for two countries, North Cantina and South Cantina: North Cantina Production possibilities (alternatives)
South Cantina Production possibilities (alternatives)
Refer to the above tables.Suppose that North Cantina is producing 2 units of capital goods and 17 units of consumer goods while South Cantina is producing 2 units of capital goods and 21 units of consumer goods.We can conclude that:

• A)North Cantina is fully and efficiently using its resources, but South Cantina is not.
• B)South Cantina is fully and efficiently using its resources, but North Cantina is not.
• C)neither South Cantina nor North Cantina are fully and efficiently using their resources.
• D)both South Cantina and North Cantina are fully and efficiently using their resources.

Recognize the role and implications of conversion costs in the process costing system.

Understand the journal entry mechanics for recording direct materials, direct labor, and overhead in process costing.

Comprehend the role of hybrid systems that combine features of both process and job order costing.

Understand how factory labor costs and other direct costs are presented and accounted for.