A ________ transaction in the foreign exchange market requires an almost immediate delivery (typically within two days) of foreign exchange
A) spot
B) forward
C) futures
D) none of the above
Answer: A
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On November 1, Arvelo Corporation had $32,000 of raw materials on hand. During the month, the company purchased an additional $78,000 of raw materials. During November, $95,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $3,000. Prepare journal entries to record these events. Use those journal entries to answer the following questions:The debits to the Manufacturing Overhead account as a consequence of the raw materials transactions in November total:
A. $3,000 B. $95,000 C. $0 D. $92,000
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