Farsat Incorporated uses the first-in, first-out method in its process costing system. The following data concern the operations of the company's first processing department for a recent month.
Required:Using the first-in, first-out method, determine the equivalent units of production for materials and conversion costs.

If in the short run the demand for mass transit is inelastic and in the long run the demand is elastic, then a price

A) increase will decrease total revenue in the short run but increase total revenue in the long run.
B) increase will increase total revenue in the short run but decrease total revenue in the long run.
C) decrease will increase total revenue in the short run but decrease total revenue in the long run.
D) decrease will decrease total revenue in the short run and decrease total revenue in the long run.

Suppose you put $475 into a bank account today. Interest is paid annually and the annual interest rate is 4.25 percent. The future value of the $475 after 3 years is

A) $419.24.
B) $441.87.
C) $610.57.
D) $538.17.