South Corp

question 8

Multiple Choice

South 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.10,000 units were started into the process during January.On January 31,the inventory consisted of 500 units that were 70% completed.How many units were started and completed during the period?

• A)9,500
• B)10,500
• C)11,000
• D)11,500

---

Definitions:

Bretton Woods Conference

International meeting held in the town of Bretton Woods, NewHampshire, in 1944 in which participants agreed that the American dollar would replace the Britishpound as the most important international currency. The conference also created the World Bank andInternational Monetary Fund to promote rebuilding after World War Ⅱ and to ensure that countriesdid not devalue their currencies.

Financial Leader

An individual or entity recognized for their influence and innovation in the financial sector, including banking, investments, and economic policy.

World War II

A global conflict that lasted from 1939 to 1945, involving many of the world's nations and resulting in significant geopolitical changes and the establishment of the United Nations.

Joseph Stalin

A Soviet political leader who served as General Secretary of the Communist Party of the Soviet Union from 1922 until his death in 1953, overseeing the country through World War II and the start of the Cold War.