Larsen Company Adds Materials at the Beginning of the Process

question 48

Multiple Choice

Larsen Company adds materials at the beginning of the process in Department 2.Data concerning the materials used in May production are as follows:
Using the weighted-average method,the equivalent units for materials are:

• A)44,000.
• B)41,000.
• C)36,000.
• D)33,000.
• E)32,000.

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Definitions:

Promissory Estoppel

A legal principle that prevents a party from withdrawing a promise if the other party has reasonably relied on that promise to their detriment.

Revocation

The act of withdrawing, repealing, or cancelling a right, permission, or contract.

Effective Acceptance

The expression of assent to the terms of an offer in a manner requested or authorized by the offeror, resulting in a binding contract.

Firm Offer

An offer in a contract that is expressed in a way that it cannot be revoked for a certain period of time.