If 10,000 Units That Were 40% Completed Were in Process

question 141

True/False

If 10,000 units that were 40% completed were in process on November 1, 80,000 units were completed during November, and 12,000 units were 20% completed on November 30, the number of equivalent units of production for November was 75,600.
(Assume no loss of units in production and that inventories are costed by the first-in, first-out method.)​

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Definitions:

Current Liabilities

short-term financial obligations that are due within one year or within the normal business cycle.

Intangible Assets

Non-physical assets possessed by a company, such as patents, trademarks, and copyrights, that are expected to generate economic benefits.

Financial Information

Data pertaining to the financial status and operations of an entity, including income statements, balance sheets, and cash flow statements.

Net Profit Margin Ratio

A financial metric that calculates the percentage of net income generated from net sales.