Convert the Percent to a Reduced Fraction, Mixed Number, or Whole

question 64

Essay

Convert the percent to a reduced fraction, mixed number, or whole number: 62%

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Definitions:

Product Costs

Costs directly associated with the creation of a product, including materials, labor, and manufacturing overhead.

GAAP

Generally Accepted Accounting Principles, a set of standards and procedures for financial reporting used in the United States.

Variable Costing

An accounting method that only includes variable costs in product costing and decision-making.

Fixed Costs

Outgoings such as rent, salaries, and premiums for insurance that are unaffected by the quantity of sales or production.