Production costs chargeable to the Finishing Department in June in Hollins Company are materials $17,689, labor $43,711, overhead $19,900. Equivalent units of production are materials 20,810 and conversion costs 19,755. Production records indicate that 18,700 units were transferred out, and 2,110 units in ending work in process were 50% complete as to conversion cost and 100% complete as to materials.

Prepare a cost reconciliation schedule. (Round unit costs to 2 decimal places, e. g. 2.25.)

answer(d) the growth of consumption is likely to remain sluggish even as the economy begins to recover.;

answer: in the short-run firms will respond by raising the price of turkey.

explanation: initially the long-run equilibrium is at a price of $5 per pound of turkey and a quantity of 50 million pounds per year. now, when webmd claims that a protein found in turkey will increase your expected lifespan by 4 years. the consumers demand for turkey will increase at every price shifting the demand curve to the right from d1 to d2. while, there will be no change in the supply curve in the short-run as it is not possible for producers to adjust supply so quickly. as a result the new equilibrium will occur at a higher price and a higher quantity of turkey.

thus, in the short run firms will respond by increasing the price of turkey, selling more quantity at a higher price and earning economic profits.