The Following Information Was Obtained from the Records of the First

question 66

Multiple Choice

The following information was obtained from the records of the first processing department of Keith Manufacturing Company for the month of February. The company uses the FIFO method in its process costing system.
$\begin{array}{|l|r|r|}\hline & \text { Number of Units } & \begin{array}{r}\text { Labour and overhead } \\\text { percentage complete }\end{array} \\\hline \begin{array}{l}\text { Work in process inventory, } \\\text { February 1 }\end{array} & 15,000 & 30 \% \\\hline \begin{array}{l}\text { Started in assembly during } \\\text { the month }\end{array} & 60,000 & \\\hline \begin{array}{l}\text { Work in process inventory, } \\\text { February 28 }\end{array} & 20,000 & 20 \% \\\hline\end{array}$

All materials are added at the beginning of the manufacturing process.

- What are the equivalent units of production for labour and overhead for the month?

• A) 54,500 units.
• B) 59,000 units.
• C) 95,000 units.
• D) 60,000 units.

Understand the concept and calculation of GDP deflator and interpretation of its changes.

Grasp the components of national income, particularly wages, salaries, and fringes.

Calculate and interpret per capita GDP and its changes over time.

Distinguish between nominal GDP and real GDP and the impact of inflation on both.

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Definitions:

Sternomastoid

A major muscle in the neck that runs from the sternum and clavicle to the mastoid process of the temporal bone, involved in head movement and rotation.

Anterior and Posterior Triangles

Regions of the neck divided by the sternocleidomastoid muscle into front (anterior) and back (posterior) areas.

Hydrocephalus

A condition characterized by an abnormal buildup of cerebrospinal fluid in the ventricles of the brain.

Cranium

The part of the skull that encloses the brain, consisting of the frontal, parietal, occipital, and temporal bones.