Earned Status Is

question 9

Multiple Choice

Earned status is:

• A) derived primarily from one's nationality.
• B) acquired later in life from personal achievements.
• C) obtained from reference groups through social comparison.
• D) inherited from one's family.
• E) derived primarily from one's beliefs and values.

---

Definitions:

Conversion Costs

The combined costs of direct labor and manufacturing overheads, representing the costs to convert materials into finished goods.

Weighted-Average Method

A cost accounting method that averages the costs of all goods available for sale during the period, regardless of when they were acquired or produced.

First-In, First-Out Method

A method of inventory valuation where the oldest inventory items are recorded as sold first, with the most recent costs remaining in inventory.

Conversion Costs

The combination of labor and manufacturing overhead costs that are incurred in turning raw materials into finished products.