(Appendix 4A) Ozdemir Corporation Uses the FIFO Method in Its

question 33

Multiple Choice

(Appendix 4A) Ozdemir Corporation uses the FIFO method in its process costing system. Data concerning the first processing department for the most recent month are listed below:
Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error, carry out all computations to at least three decimal places.
-The cost of a completed unit transferred out of the department is closest to:

• A) $62.36
• B) $76.27
• C) $66.10
• D) $58.23

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Definitions:

Equal Dignity Rule

A legal doctrine requiring that contracts authorizing someone to act on behalf of another must be in written form if the contract being executed also necessitates a written agreement.

Exceptions

Conditions or clauses in a contract, law, or regulation that allow for deviations from the general rule under specified circumstances.

Right of Recovery

A legal principle allowing parties to seek compensation or restitution following a loss or injury.

Negligently

Performing actions or failing to act with a lack of proper care or concern for the consequences, potentially causing harm or damage.