Caston Corp. uses a FIFO process costing system in which direct materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process. Beginning inventory for January consisted of 1,000 units that were 40% completed with respect to conversion costs. 10,000 units were started into the process during January. On January 31, the inventory consisted of 500 units. Equivalent units for conversion costs were 10,450. What percentage complete was the ending inventory on January 31 with respect to conversion costs?
A. 90%
B. 70%
C. 80%
D. 100%
Answer: B
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A firm gains bargaining power with a supplier when the firm has many competitors.
Answer the following statement true (T) or false (F)
Governed by the freedom-to-contract doctrine, United States courts throughout the nineteenth century generally refused to interfere in contractual relations merely because one party was more economically powerful or better able to drive a hard
bargain. Indicate whether the statement is true or false
Which of the following is true about comparative negligence and contributory negligence?
A) In order to avoid liability for an unintentional tort, the defendant must prove the presence of both defenses. B) Comparative negligence is used with intentional torts and contributory negligence is used with unintentional torts. C) Most states that once used comparative negligence now apply contributory negligence instead. D) They are two names for the same defense. E) Comparative negligence allows the plaintiff to make a partial recovery whereas contributory negligence does not.
The duty of partners to a partnership is:
a. to elect one partner as managing partner b. to place the assets in a blind trust c. based on extraordinary trust and loyalty to the partnership d. to elect one partner as managing partner and is based on extraordinary trust and loyalty to the partnership e. to elect one partner as managing partner and to place the assets in a blind trust and is based on extraordinary trust and loyalty to the partnership