Use the Table Below to Answer the Following Questions

question 14

Multiple Choice

Use the table below to answer the following questions.
Table 21.3.1
Suppose a simple economy produces three goods only.
The price and output data for some selected years are shown below.

-Refer to Table 21.3.1. The reference base period is 2014. The CPI in 2014 is

• A)100.
• B)157.
• C)129.
• D)64.
• E)153.

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Definitions:

Work In Process Accounts

These accounts represent the costs associated with incomplete products that are still in the process of manufacturing.

Product Cost Information

Data pertaining to the total expenses incurred to create a product, including material, labor, and overhead costs.

Cost Of Production Report

A document that details the total cost involved in manufacturing goods, including material, labor, and overhead expenses, during a specific period.

Equivalent Units

A term used in cost accounting to represent a portion of the work done on incomplete units, expressed as the equivalent of a number of fully completed units.