If 10,000 Units That Were 50% Completed Were in Process

question 20

True/False

If 10,000 units that were 50% completed were in process on November 1, 90,000 units were completed during November, and 20,000 units were 20% completed on November 30, the number of equivalent units of production for November was 90,000.
(Assume no loss of units in production and that inventories are costed by the first-in, first-out method.)

Grasp the concept, accounting treatment, and consequences of dishonored notes receivable.

Know how to record transactions involving notes receivable, including the exchange of notes for accounts receivable.

Understand the calculation and significance of interest on notes receivable.

Distinguish between different types of receivables and their classification on financial statements.

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Definitions:

Bargaining Unit

A group of employees with a clear and identifiable community of interests who are represented by a single labor union in collective bargaining and labor negotiations.

Striking Workers

Employees who stop working in protest against their employer, usually over issues of pay, working conditions, or benefits.

Union-Relationship

This pertains to the dynamic interactions and collaborations between labor unions and employers or management.

International Brotherhood of Teamsters

A large and influential labor union in the United States and Canada, primarily representing workers in the transportation and warehousing industries.