Activities in the Challenger Corporation's Assembly Department for the month of March follow: Percent Complete UnitsMaterialsConversionWork-in-process inventory, March 15,00065%30%Started into production during March65,000 Work-in-process inventory, March 313,00035%25%Using the FIFO method, the equivalent units for conversion for March would be:
A. 66,250
B. 67,000
C. 67,750
D. 64,250
Answer: A
You might also like to view...
Land is purchased on credit. For this transaction, identify the effect on the accounting equation
a. Assets increase and liabilities increase. b. Assets increase and owners' equity increases. c. Liabilities increase and owners' equity decreases. d. Liabilities decrease and assets decrease.
Tim buys a high-powered tool from Binford Tools to use on the construction of his own garage. Binford Tools provides a full warranty on the tool for the first six months. To pay for the tool, Tim signs a negotiable promissory note which contains the FTC Consumer Credit Notice. Binford properly negotiates the note to First Finance. Within three weeks, the tool stops working and Binford refuses to
repair or replace it. In the meantime, First Finance demands payment from Tim. Under the Federal Trade Commission rules, this consumer credit situation means First Finance A)can collect if it is a holder in due course. B)can collect if it is not a holder in due course. C)can collect whether or not it is a holder in due course. D)cannot collect.
The Tse Manufacturing Corporation uses a job-order costing system and applies overhead to jobs using a predetermined overhead rate. The company closes any balance in the Manufacturing Overhead account to Cost of Goods Sold. During the year the company's Finished Goods inventory account was debited for $125,000 and credited for $110,000. The ending balance in the Finished Goods inventory account was $28,000. At the end of the year, manufacturing overhead was overapplied by $4,500. The balance in the Finished Goods inventory account at the beginning of the year was:
A. $8,500 B. $13,000 C. $17,500 D. $28,000
A union becomes the exclusive representative of an appropriate unit of employees when it has been selected by a majority of votes cast in a representation election under the:? A) ?National Labor Relations Act
B) Fair Labor Standards Act.? C) Labor Management Reporting and Disclosure Act.? D) ?Federal Service Labor-Management Relations Act.