The Miracle Company Had 20,000 Units in Process on December

question 104

Multiple Choice

The Miracle Company had 20,000 units in process on December 31,2016 which was 80% complete as to materials but only 40% complete as to conversion costs.The company's records show 40,000 units were transferred to the Finished Goods Inventory during January 2017.On January 31,2017,15,000 units were on hand which were 30% complete as to conversion costs and 60% complete as to materials.What are the equivalent units of production for the conversion costs in January,assuming Miracle uses first-in,first-out (FIFO) ?

• A) 34,000.
• B) 35,000.
• C) 36,500.
• D) 41,500.

Differentiate between various methods of settling creditors and distributing remaining assets during partnership liquidation.

Understand the differences between capitalist, socialist, and centrally planned economies.

Identify the role of government in various economic systems.

Understand the concept of the price mechanism and its role in capitalist economies.

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Definitions:

Conflict Process

The sequence of events and interactions that occur from the beginning to the resolution of a conflict.

Positive Outcome

The beneficial result or effect of an action, situation, or decision.

Cohesiveness

The extent to which members of a group or team can achieve unity and remain bonded towards common goals.

Conflict Process

The sequence of events and interactions that occur when there is a disagreement or dispute between individuals or groups.