Gibbons Company Uses a Process Cost System and the Weighted

question 33

Multiple Choice

Gibbons Company uses a process cost system and the weighted average method.The company had 400 units of product in its work in process inventory at the beginning of the period.During the period 1,500 additional units of product were started.At the end of the period there were 750 units of product in the work in process account.The ending work in process inventory was estimated to be 30% complete.The beginning work in process inventory had a cost of $2,000.There wereProduct costs totaling $42,000 of product costs were added to work in process during the period.The number of equivalent whole units in ending work in process is:

• A) 450.
• B) 750.
• C) 1,275.
• D) 225.

Understand the basic concepts and terminology related to financial markets and securities.

Identify different types of financial assets including stocks, bonds, and mutual funds.

Recognize the function and importance of financial markets.

Differentiate between real assets and financial assets.

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Definitions:

Note Payable

A financial obligation represented by a written promissory note which specifies the amount and terms under which the money must be repaid.

Net Working Capital

A financial metric representing the difference between a company's current assets and current liabilities.

Change in Net Working Capital

The difference between the current assets and current liabilities from one period to the next, reflecting changes in liquidity and operational efficiency.

Average Tax Rate

The ratio of the total amount of taxes paid to the total tax base (taxable income or spending), representing the average tax burden.