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Wright Company
Wright Company adds material at the start of production.The following production information is available for September:
Beginning Work in Process Inventory | ||
(45% complete as to conversion) | 10,000 units | |
Started this period | 120,000 units | |
Ending Work in Process Inventory | 80% complete as to conversion) | 8,200 units |
Beginning Work in Process Inventory Costs: | ||
Material | $24,500 | |
Conversion | 68,905 | |
Current Period Costs: | ||
Material | $ 75,600 | |
Conversion | 130,053 |
Obligations
Duties or responsibilities imposed by law, contract, or one's conscience.
Discharged
Released or freed from a legal, financial, or other obligation.
Concurrent Conditions
Circumstances where two or more conditions must occur at the same time for a contract or agreement to be fully enforceable.
Conditions Precedent
Requirements that must be met before a contract becomes effective or before certain actions can be taken.
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