Norma Company Had 10,000 Units in Work in Process at January

question 47

Multiple Choice

Norma Company had 10,000 units in work in process at January 1 that were 50 percent complete. During January, 25,000 units were completed. At January 31, 6,000 units remained in work in process that were 75 percent complete. Using the average cost method, the equivalent units for January were:

• A)31,000.
• B)29,500.
• C)35,000.
• D)36,000.

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Definitions:

Interest Income

Income earned from the lending of funds or through investment in interest-bearing financial instruments.

Accrued Interest Receivable

Interest that has been earned but not yet received in cash, representing an asset on the balance sheet.

Notes Receivable-Perez

A note receivable account representing money owed to the entity by Perez, typically documented through a formal promissory note.

Collateralized

Secured by an asset pledged as security for repayment of a loan, protecting the lender by providing a source of recovery in case of default.