Department S Had No Work in Process at the Beginning

question 116

Multiple Choice

Department S had no work in process at the beginning of the period. It added 12,000 units of direct materials during the period at a cost of $84,000; 9,000 units were completed during the period; and 3,000 units were 30% completed as to labor and overhead at the end of the period. All materials are added at the beginning of the process. Direct labor was $49,500 and factory overhead was $9,900.​
-The following production data were taken from the records of the Finishing Department for June: Inventory in process, June 1, 25% completed
1,500 units
Transferred to finished goods during June
5,000 units
Equivalent units of production during June
5,200 units
Determine the number of equivalent units of production in the June 30 Finishing Department inventory, assuming that the first-in, first-out method is used to cost inventories. The completion percentage of 25% applies to both direct materials and conversion costs.

• A)575 units
• B)200 units
• C)1,000 units
• D)300 units

Analyze the impact of unanticipated inflation on creditors and debtors.

Recognize various types of unemployment (frictional, structural, cyclical).

Compute changes in the unemployment rate and interpret its implications.

Identify periods of significant economic changes post-1945.

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Definitions:

Tort Of Deceit

A civil wrong involving intentional misrepresentation, leading another to suffer damages.

Fraudulent Misrepresentation

A false statement made knowingly or recklessly to induce another party to enter into an agreement, leading to a misleading transaction.

Undue Influence

An improper or unacceptable exertion of pressure or influence on someone, which may affect the decisions and actions of that person.

Duress

The use of force, false imprisonment, threats, or psychological pressure to compel someone to act against their will or interest.