Gaba Corporation Uses the First-In, First-Out Method in Its Process

question 311

Multiple Choice

Gaba Corporation uses the first-in, first-out method in its process costing system. The Grinding Department started the month with 18,800 units in its beginning work in process inventory that were 60% complete with respect to conversion costs. An additional 78,000 units were transferred in from the prior department during the month to begin processing in the Grinding Department. During the month 88,000 units were completed in the Grinding Department and transferred to the next processing department. There were 8,800 units in the ending work in process inventory of the Grinding Department that were 10% complete with respect to conversion costs. What were the equivalent units of production for conversion costs in the Grinding Department for the month?

• A) 88,880
• B) 77,600
• C) 68,000
• D) 88,000

Distinguish between the central and peripheral routes to persuasion and their effectiveness.

Understand the conditions that classify a lease as valid for tax purposes by the CRA.

Differentiate between operating leases and financial/capital leases.

Recognize the implications of lease terms on financial reporting and tax considerations.

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Definitions:

Canadian Human Rights Act

A statute in Canada that prohibits discrimination on the grounds of race, national or ethnic origin, color, religion, age, sex, sexual orientation, marital status, family status, disability, or a conviction for which a pardon has been granted.

Equality Before the Law

A principle under which all people are subject to the same laws of justice and are entitled to equal protection and benefit of the laws.

Bona Fide Occupational Requirement

A justified business necessity that allows discrimination in hiring if certain attributes are essential for performing a job.

Legal Direct Discrimination

Practices that explicitly treat an individual or group unfavorably because of protected characteristics such as race, gender, age, or disability.