Department A had 4,400 units in Work in Process that were 75% completed at the beginning of the period at a cost of $6,700. During the period, 29,500 units of direct materials were added at a cost of $61,950, and 31,500 units were completed. At the end of the period, 2,400 units were 29% completed. All materials are added at the beginning of the process. Direct labor was $26,300 and factory overhead was $5,500. The cost of the 2,400 units in process at the end of the period if the first-in, first-out method is used to cost inventories was

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

answer; false pretense;