Charlie Chairs Inc., manufactures plastic moldings for car seats. Its costing system utilizes two cost categories, direct materials and conversion costs. Each product must pass through Department A and Department B. Direct materials are added at the beginning of production. Conversion costs are allocated evenly throughout production. The company uses Weieghted Average Method.

Data for Department A for February 2015 are:

WIP, beginning inventory, 40% completed 200 units

Units started during February 800 units

WIP, ending inventory, 50% completed 100 units

Costs for Department A for Feburary 2015 are:

WIP, beginning inventory:

Direct Materials $150,000

Conversion Costs 200,000

Direct Materials costs added during February 600,000

Conversion costs added during February 425,000

What is the unit cost per equivalent unit of direct materials in Department A?

Suppose an economist believes that the price level in the economy is directly related to the money supply, or the amount of money circulating in the economy. the economist proposes the following relationship: p=a x m - p=price level - m=money supply - a=a composite of other factors, including real gdp, that change very slowly over time. how might an economist gather empirical data to test the proposed relationship between money and the price level? an economist would persuade the federal reserve to change the money supply to various levels, and observe the resulting changes in the price level. unlike researchers in the hard sciences, economists cannot study complex relationships using data. economists do not usually develop theoretical models of the economy but only analyze summary statistics about the current state of the economy. an economist would look for data on past changes in the money supply, and note the resulting changes in the price level

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Highland company produces a lightweight backpack that is popular with college students. standard variable costs relating to a single backpack are given below