In the 1980s, the Department of Justice Began Seeking Ways

question 31

Multiple Choice

In the 1980s, the Department of Justice began seeking ways to improve its data system.The result was the ____.

• A)National Incident-Based Reporting System (NIBRS)
• B)National Crime Victimization (NCVS)
• C)Self-report surveys
• D)Uniform Crime Report (UCR)

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Definitions:

Conversion Costs

The sum of direct labor and manufacturing overhead costs, representing the expenses incurred to convert raw materials into finished products.

FIFO Method

The First-In, First-Out method, an inventory valuation strategy where goods first added to inventory are the first ones to be sold.

Weighted-Average Method

An inventory costing method that calculates the cost of ending inventory and the cost of goods sold based on the average cost of all units available for sale during the period.

Equivalent Units

A concept in cost accounting that converts partially completed goods into a number of completed units for inventory valuation.