The Wrapping Department's Output During the Period Consists of 10,000

question 132

Multiple Choice

The Wrapping Department's output during the period consists of 10,000 units completed and transferred out, and 600 units in ending Work in Process that were 75% complete as to materials and conversion costs.Beginning inventory was 800 units that were 30% complete as to materials and conversion costs.Under the FIFO method, what are the equivalent units of production for materials?

• A)10,690
• B)11,010
• C)10,450
• D)10,210

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Definitions:

Gain From Trade

The benefits that countries or individuals obtain by engaging in international trade, allowing for the consumption of more goods and services than would be possible without trade.

Opportunity Cost

The loss incurred from ignoring the subsequent best alternative in a decision-making scenario.

Constant Rate

A steady, unchanging rate of change in a mathematical or economic process.

Comparative Advantage

The skill of any individual, enterprise, or country in producing a certain good or service with a lesser opportunity cost than that of their competitors.