Use the Following Information for the Next 4 Questions

question 27

Multiple Choice

Use the following information for the next 4 questions.
Beginning work in process consists of 7,000 units, 55% complete. 50,000 units were started and ending work in process is 5,000 units, 25% complete. Normal spoilage is equal to 10% of the units inspected. The inspection point occurs at the 20% point and 7,000 units were rejected. Direct materials are added at the 50% point, direct labor at 30% and overhead is applied uniformly. The costs per equivalent unit are: direct material $1.00; direct labor $1.50; overhead $2.00.
-The cost of the ending work in process is

• A) $2,500
• B) $2,850
• C) $2,700
• D) $4,000

Analyze the impact of external changes to demand or supply, such as changes in consumer preferences or technological improvements.

Understand the relationship between the elasticity of supply and demand and tax incidence.

Calculate and analyze deadweight loss resulting from taxes and how it affects overall market efficiency.

Understand the effects of subsidies and how they affect supply and demand equilibrium.

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Definitions:

Red-Circling

A human resources policy where an employee's pay is maintained at a higher rate than the current maximum for their role, typically due to organizational changes or role reclassification.

Demotion

The act of reducing an employee's rank or position, often accompanied by a decrease in salary and responsibilities.

Benchmark Jobs

Jobs used as reference points when setting salaries and benefits for other positions within the organization.

Gender Bias

The unfair difference in treatment or attitude towards individuals based on their gender, rather than their skills, capabilities, or experience.