Tripper Corp

question 95

Multiple Choice

Tripper Corp.uses a FIFO process costing system.Beginning inventory for January consisted of 1,000 units that were 60% completed.10,000 units were started into the process during January.During January,9,500 units were started and completed.How many units were in ending inventory on January 31?

• A)1,500
• B)1,000
• C)500
• D)100

---

Definitions:

Price Changes

Variations in the cost of goods or services over time, influenced by factors such as supply and demand, inflation, and market competition.

Implied Contract

A contract formed in whole or in part from the conduct of the parties (as opposed to an express contract).

Enforce In Court

The act of seeking judicial action to ensure compliance or to execute a legal right, often involving litigation.

Fully Performed

Refers to a scenario where all terms and obligations of a contract have been met by all parties involved.