The following data were taken from the accounting records of a company that uses the FIFO method in its process costing system: Beginning work in process inventory: 20,000 units (materials 100% complete, conversion costs 60% complete) Started in process during the period: 80,000 units Ending work in process inventory: 30,000 units (materials 100% complete, conversion costs 70% complete) The
equivalent units are
a. materials, 90,000 units; conversion costs, 89,000 units.
b. materials, 100,000 units; conversion costs, 91,000 units.
c. materials, 60,000 units; conversion costs, 53,000 units.
d. materials, 80,000 units; conversion costs, 79,000 units.
D
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A person charged with a crime in the United States is presumed innocent until proven guilty
Indicate whether the statement is true or false
People who organize, operate, and assume the risk of a business venture are called
A. leaders. B. consultants. C. entrepreneurs. D. professionals. E. managers.
Most abbreviations are acceptable to use in formal writing
Indicate whether the statement is true or false
Answer the following statement(s) true (T) or false (F)
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