Answer:
43150 units
Explanation:
For computing the equivalent units of production for conversion costs, first, we have to find the sale units which is shown below:
= Production units for material - ending work in progress units
= 44,500 units - 4,500 units
= 40,000 units
Now the ending work in progress units for conversion would be
= Ending work in progress units × percentage of completion
= 4,500 units × 70%
= 3,150 units
So, the equivalent units of production for conversion costs would be
= Sale units + ending work in progress units for conversion
= 40,000 units + 3,150 units
= 43,150 units
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Answer:
Table is completed below.
Explanation:
A price ceiling (price floor) is the maximum (minimum) price that can be charged in the market, and is imposed lower than (higher) than free market equilibrium price in order to be effective and binding. Therefore, the given statements can be labelled as below:
(1) Government prohibits gas stations from selling for more than $3.20 - Price ceiling, Not binding
(2) Government instituted legal minimum price of $2.80 - Price floor, Not binding
(3) Due to new regulations, gas stations cannot hire more workers - Price ceiling, Binding