Onyemah Corporation Uses the FIFO Method in Its Process Costing

question 92

Multiple Choice

Onyemah Corporation uses the FIFO method in its process costing system.Operating data for the Brazing Department for the month of November appear below:
What were the equivalent units of production for conversion costs in the Brazing Department for November?

• A) 42,040
• B) 39,120
• C) 35,600
• D) 39,400

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Definitions:

Compounded Annually

A method in which interest is calculated once per year and added to the total sum, affecting the principal for the next period.

Promissory Note

A promissory note is a financial instrument that contains a written promise by one party to pay another party a determinate sum of money either on demand or at a specified future date.

Compounded Semi-Annually

The method of calculating interest on a principal where the interest is computed twice a year and each interest payment is added to the principal for future calculations.

Discounted Rate

A reduced price or rate from the original cost, typically applied to encourage prompt payment or purchase.