-Assume supply and demand both shift to the right so that D2 and S2 are now the relevant curves.The new equilibrium occurs at a price of _______ and ______ units exchanged.
Definitions:
Process Costing
An accounting methodology used in manufacturing to allocate costs of production to individual units, suitable for homogenous products.
Conversion Cost
The combined cost of direct labor and manufacturing overheads incurred to convert raw materials into finished products.
Work In Process
Inventory that includes goods that are in the production process but not yet completed.
Direct Materials
The raw materials that are directly traceable to the production of specific goods or services.
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