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Using the Data in the Above Table, the Labor

question 71

Multiple Choice

$\begin{array} { l c } \hline { \text { Category } } & \begin{array} { c } \text { Number of People } \\\text { (millions) }\end{array} \\\hline \text { Marginally attached workers } & 2.1 \\\text { Unemployed workers } & 12.1 \\\text { Employed workers } & 140.0 \\\text { Working-age population } & 250.0 \\\hline\end{array}$
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Using the data in the above table, the labor force is

• A)154.2 million.
• B)140.0 million.
• C)250.0 million.
• D)127.9 million.
• E)152.1 million.

Calculate production cost per unit, ending inventory costs under both variable and absorption costing.

Compute and analyze manufacturing margin, contribution margin, and gross margin for decision making.

Understand the concept of fixed and variable costs and their impact on cost accounting.

Identify and explain the differences between variable costing and absorption costing.

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