Which of the Following People Would NOT Be Included in the Labour

question 41

Multiple Choice

Which of the following people would NOT be included in the labour force?

• A)Karen, who works most of the week in a steel factory
• B)Beth, who is waiting for her new job at the bank to start
• C)Dave, who does not have a job, but is looking for work
• D)Jeremiah, who does only voluntary work for charity organizations

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Definitions:

Work In Process

Units of product that are only partially complete.

Conversion Costs

Conversion costs represent the combined costs of direct labor and manufacturing overheads incurred to convert raw materials into finished goods.

Equivalent Unit

A measurement used in process costing to equate the work done on units in progress to a number of fully completed units.

Weighted-Average Method

An inventory valuation method that calculates the cost of goods sold and ending inventory based on the average cost of all units available.