Clonex Labs, Inc., uses the FIFO method in its process costing system. The following data are available for one department for October: Percent Completed Units Materials Conversion Work in process, October 1 31,000 59 % 31 % Work in process, October 31 14,000 79 % 44 % The department started 169,000 units into production during the month and transferred 186,000 completed units to the next department. Required: Compute the equivalent units of production for materials and conversion for October.

Martha is one producer in the perfectly competitive jelly industry. last year, martha and all of her competitors found themselves earning economic profits. if there is free entry and exit, what do you expect to happen to the number of suppliers in the industry and the price of jelly? the number of suppliers will increase, and the price of jelly will fall. the number of suppliers will decrease, and the price of jelly will increase. the number of suppliers will increase, and the price of jelly will increase. the number of suppliers will decrease, and the price of jelly will fall.