Use the Following Information for the Next 10 Questions

question 23

Multiple Choice

Use the following information for the next 10 questions.
Zuniga, Inc. uses a process costing system. During May, 1,200 units were transferred into Department 2 at a cost of $38,040. Direct materials are added at the beginning of the process. Additionally:
-Using the FIFO method, the equivalent units of material were

• A) 1,200
• B) 1,100
• C) 850
• D) 1,450

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Definitions:

Monetary Policy

Economic policy laid down by the central bank involving management of money supply and interest rates to influence economic growth and stability.

Federal Reserve System

Central bank of the United States, whose main job is to control our rate of monetary growth.

Money Supply

The total amount of monetary assets available in an economy at any specific time.

Depository Institutions Deregulation

The process of removing government restrictions on banks and other financial institutions, aimed at increasing competition and efficiency in the financial sector.