Kang Coreports Work in Process Inventory of $1,085 and Cost of of Goods

question 13

Multiple Choice

Kang Co.reports work in process inventory of $1,085 and cost of goods sold of $56,575.Days' sales in work in process inventory is:

• A)6 days
• B)5 days
• C)4 days
• D)7 days
• E)8 days

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Definitions:

Pareto Efficient Allocations

refers to an economic situation where no individual can be made better off without making someone else worse off.

First Theorem of Welfare Economics

A principle stating that, under perfect competition and with no externalities, the allocation of resources where supply equals demand leads to a Pareto efficient outcome.

Competitive Equilibrium

A state in a market where supply equals demand, with price acting as the balancing factor, and all economic agents are optimizing their outcomes.

Pareto Optimum

An economic state where resources are allocated in a manner that precludes the possibility of bettering one's situation without causing harm to another.