The Following Data Were Taken from the Accounting Records of a Company

question 89

Multiple Choice

The following data were taken from the accounting records of a company that uses the FIFO method in its process costing system:
$\quad$ Beginning work in process inventory:
$\quad$ 20,000 units (materials 100% complete,conversion costs 60% complete)
$\quad$ Started in process during the period:
$\quad$ 80,000 units
$\quad$ Ending work in process inventory:
$\quad$ 30,000 units (materials 100% complete,conversion costs 70% complete)
The equivalent units are

• A)materials,90,000 units;conversion costs,89,000 units.
• B)materials,100,000 units;conversion costs,91,000 units.
• C)materials,60,000 units;conversion costs,53,000 units.
• D)materials,80,000 units;conversion costs,79,000 units.

Identify the maturity date of notes receivable.

Understand the implications of dishonored notes and the appropriate accounting entries.

Grasp the nature and negotiability of promissory notes.

Differentiate between various notes receivable terms such as face value and maturity value.

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Definitions:

Channel Conflict

A situation where channels for the same product or service compete with each other, potentially reducing profitability for one or all channels involved.

Exclusive Distribution

A distribution strategy where a product is sold exclusively through a specific retailer or distributor.

Distribution Density

The measure of how widely and closely a product or service is made available to potential customers through various retail outlets or distribution channels.

Specified Geographical Area

A distinct region or zone designated for certain activities, operations, or jurisdictional purposes.