DrRaman Is a Family Practice Physician with a Degree from Sunshine

question 27

Multiple Choice

Dr.Raman is a family practice physician with a degree from Sunshine University.He makes potions of sunshine and water in his kitchen and sells them as "Health,Guaranteed!" All the other medical doctors in town say Dr.Raman is no good,but he doesn't care.All he cares about is the happiness of his patients (and his sales) .Because he serves clients at the expense of the esteem of his professional peers,Dr.Raman is known to sociologists as:

• A) a pseudo-professional.
• B) a homegrown doctor.
• C) a quack.
• D) a faker.

---

Definitions:

Conversion Costs

The sum of labor costs and overhead expenses related to the transformation of materials into finished products.

Direct Materials

Raw materials that are directly traceable to the production of specific goods or services and are a significant component of manufacturing costs.

Equivalent Units

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

FIFO Method

First In, First Out, an inventory valuation method where goods and materials that are acquired first are sold or used first.