Marston Corporation uses the FIFO method in its process costing system. The equivalent units of production for March for conversion costs totaled 37,500 units. The beginning work in process inventory in March consisted of 15,000 units, 60% complete with respect to conversion costs. The ending work in process inventory in March consisted of 10,000 units, 75% complete with respect to conversion costs. The number of units started during the month was:
A. 41,500 units
B. 72,500 units
C. 34,000 units
D. 25,000 units
Answer: C
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When a stock dividend of less than 20?25% is declared and the market value exceeds the par or stated value of the shares, an amount equal to the market value of the shares to be distributed should be charged (debited) to which of the following accounts?
a. Stock Dividends b. Stock Dividends Distributable c. Paid-In Capital in Excess of Par d. Capital Stock
What is the primary role of the court system for the auditing profession?
a. To act as a quality-control mechanism. b. To provide guidance on unclear legislation. c. To punish audit firms that issue the wrong audit report. d. To express opinions on the fairness of accounting principles.
How does a business decision become an ethical one?
What will be an ideal response?
Firms have some choice as to when they disburse cash. Firms that delay making payments to suppliers, employees, and others during the last several days of an accounting period
a. conserve cash and increase cash flow from operations for that period. b. conserve cash and decrease cash flow from operations for that period. c. do not conserve cash and increase cash flow from operations for that period. d. do not conserve cash and decrease cash flow from operations for that period. e. do not effect the cash balance and has no affect on cash flow from operations for that period.