Murphy Inc., which produces a single product, has provided the following data for its most recent month of operation: Number of units produced 16,900 Variable costs per unit: Direct materials $ 157 Direct labor $ 79 Variable manufacturing overhead $ 12 Variable selling and administrative expenses $ 12 Fixed costs: Fixed manufacturing overhead $ 929,500 Fixed selling and administrative expenses $ 371,800 The company had no beginning or ending inventories. Required: a. Compute the unit product cost under absorption costing. b. Compute the unit product cost under variable costing.

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

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