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The Molding Department of Kennett Company has the following production data: beginning work in process 25000 units (60% complete) started into production 475000 units completed and transferred out 450000 units and ending work in process 50000 units (40% complete) . Assuming conversion costs are incurred uniformly during the process the equivalent units for conversion costs are:
Relatively Elastic
Describes a situation where a small change in price leads to a greater change in quantity demanded or supplied.
Inelastic
A description of a good's demand when consumers’ demand for it does not significantly change with a change in the good's price.
Total Revenue
The total income received by a firm from its sales of goods or services, calculated as the quantity sold times the price per unit.
Price Lowered
A decrease in the cost of a good or service to consumers.
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