In 2009, How Many People Were Counted by the U

question 74

Multiple Choice

In 2009, how many people were counted by the U.S. government as having income below the official poverty line?

• A) 370,000
• B) 3 million
• C) 44 million
• D) 370 million

---

Definitions:

Equivalent Units

A concept in process costing that converts partially completed units into a number of fully completed equivalent units.

Conversion Costs

Costs incurred to convert raw materials into finished products, which include direct labor and manufacturing overhead.

Cost Reconciliation

The process of analyzing and adjusting the differences between the recorded costs and the actual costs.

Conversion Costs

The combined costs of direct labor and manufacturing overheads that are incurred in converting raw materials into finished products.