Unit Cost of Materials for a Department Using the FIFO

question 45

Multiple Choice

Unit cost of materials for a department using the FIFO method of process costing is found by taking the total cost of materials issued to the department during the year divided by

• A)units in process.
• B)units started and completed.
• C)total units manufactured.
• D)equivalent units of output.

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Definitions:

Reformation

The process of making changes to a legal document or contract to correct errors or misrepresentations.

Condition Precedent

A clause in a contract that requires a specific event or action to take place before the contract becomes binding on the parties involved.

Clause

A specific provision or section in a legal document or contract that details a particular condition, requirement, or aspect of the agreement.

Quasi-Contract

A legal concept where a court enforces a non-existent contract to prevent unjust enrichment or unfairness.