Corsi Company Had the Following Department Data Materials Are Added at the Beginning of the Process

question 58

Multiple Choice

Corsi Company had the following department data: $$\begin{array} { l c } & \text { Physical Units } \\\text { Work in process, beginning } & -0- \\\text { Completed and transferred out } & 90,000 \\\text { Work in process, ending } & 7,000\end{array}$$ Materials are added at the beginning of the process.What is the total number of equivalent units for materials during the period?

• A)90,000.
• B)9,000.
• C)97,000.
• D)83,000.

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Definitions:

Financial Statements

Consolidated reports detailing the financial performance and position of a company, including the balance sheet, income statement, and cash flow statement.

Inventory

The goods and materials a business holds for the ultimate purpose of resale or processing.

Perpetual Inventory System

An accounting method that records the sale or purchase of inventory immediately through the use of computerized point-of-sale systems and enterprise asset management software.

FIFO Method

An inventory valuation method where the first goods purchased are the first ones to be sold, "First In, First Out".