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Trunkey Products Inc.uses a process costing system and has just completed production for the month of November 2014.The following production data were obtained from the accounting records:
a.Units in beginning inventory totaled 6,800 and were 30 percent complete as of November 1 (all direct materials were added to these products in the preceding month).
b.During the period,156,200 units were started.
c.19,200 units were partially completed as of November 30,2014.
d.Ending work in process inventory was 40 percent complete at month end.
From the data given,compute the equivalent units of production for direct materials and conversion costs for the month ended November 30,2014,assuming a FIFO flow of costs.
Maintenance Margin
The minimum amount of equity that must be maintained in a margin account to continue holding an investment, after initiating a position.
Margin Call
A demand by a broker that an investor deposit further cash or securities to cover possible losses in a margin account.
Initial Margin
The minimum amount of funds or securities that must be deposited in a margin account before trading on margin, serving as a security for credit risk.
Securities and Exchange Commission
This is an independent federal government agency responsible for protecting investors, maintaining fair and orderly functioning of securities markets and facilitating capital formation.
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