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Department E had 4,000 units in Work in Process that were 40% completed at the beginning of the period at a cost of $12,500. 14,000 units of direct materials were added during the period at a cost of $28,700. 15,000 units were completed during the period, and 3,000 units were 75% completed at the end of the period. All materials are added at the beginning of the process. Direct labor was $32,450 and factory overhead was $18,710. The number of equivalent units of production for the period for conversion if the average cost method is used to cost inventories was:
Indorser
The person who signs and transfers a negotiable instrument, such as a check or promissory note, to another party.
Secondary Liability
The legal obligation to pay a debt if the primary obligor defaults, usually applied in cosigning contexts.
Blank Check
A check signed by the drawer with the amount left blank, allowing the payee to enter any amount.
Raising The Check
Increasing the amount payable on a check, often through unauthorized alteration.
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