Forrest Corporation, a new company, adds material at the beginning of its production process; conversion cost, in contrast, is incurred evenly throughout manufacturing. During May, the firm completed 15,000 units and had ending work in process of 2,000 units, 60% complete. Equivalent-unit costs were: materials, $15; conversion, $22.The cost of the company's ending work-in-process inventory is:
A. $44,400.
B. $26,640.
C. $74,000.
D. $56,400.
E. None of the answers is correct.
Answer: D
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In 2016, Cunningham Company determined that it did not accrue $15,000 of interest expense in 2015, which caused a material overstatement of income. Assuming a 35% tax rate, which of the following presents the journal entries that would correct the error?
A) ?Retained Earnings 15,000Interest Payable 15,000?Income Tax Receivable (or Payable) 15,000Retained Earnings 15,000?? B) ?Retained Earnings 15,000Interest Payable 15,000?Income Tax Receivable (or Payable) 5,250Retained Earnings 5,250 C) ?Retained Earnings 9,750Interest Payable 9,750?Income Tax Receivable (or Payable) 5,250Retained Earnings 5,250?? D) ?Retained Earnings 5,250Interest Payable 5,250?Income Tax Receivable (or Payable) 9,750Retained Earnings 9,750
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