A company uses a process costing system. Its Weaving Department completed and transferred out 120,000 units during the current period. The ending inventory in the Weaving Department consists of 40,000 units (20% complete with respect to direct materials and 60% complete with respect to conversion costs). Determine the equivalent units of production for the Weaving Department for direct materials and conversion costs assuming the weighted average method.
A. 128,000 materials; 120,000 conversion.
B. 128,000 materials; 144,000 conversion.
C. 120,000 materials; 120,000 conversion.
D. 128,000 materials; 184,000 conversion.
E. 120,000 materials; 160,000 conversion.
Answer: B
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On the first day of the fiscal year, Hawthorne Company obtained an $88,000, 7-year, 5% installment note from SeaSide Bank. The note requires annual payments of $15,208, with the first payment occurring on the last day of thefiscal year. The first payment consists of interest of $4,400 and principal repayment of $10,808 . The journal entryHawthorne would record to make the first annual payment due
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