Table 5-2
Quantities Urchased -Refer to Table 5-2

question 65

Multiple Choice

Table 5-2
Quantities urchased
$\begin{array}{|c|c|c|}\hline \text { Income(\$) } & \text { Good X } & \text { Good Y } \\\hline 30000 & 2 & 20 \\\hline 50000 & 5 & 10 \\\hline\end{array}$
-Refer to Table 5-2.Using the midpoint method, what is the income elasticity of good Y?

• A)-0.75
• B)0.75
• C)-1.33
• D)0

---

Definitions:

First-In, First-Out Method

An inventory valuation method where goods are sold in the order they are acquired or manufactured.

Equivalent Units

A concept in cost accounting used to assign a cost to partially completed goods, converting them into the amount of completed units' costs.

Conversion Costs

The costs directly associated with converting raw materials into finished products, typically including labor and manufacturing overhead.

Assembly Department

A production area focused on assembling parts or components into finished goods.