A Company's Beginning Work in Process Inventory Consisted of 20,000

question 70

Multiple Choice

A company's beginning work in process inventory consisted of 20,000 units that were 1/5 complete with respect to direct labor. These beginning units were completed and another 90,000 units were started during the current period. Of those started, 60,000 were finished and the remaining 30,000 were 1/3 complete at the end of the period. Using FIFO, the equivalent units of production were:

• A) 60,000
• B) 74,000
• C) 76,000
• D) 86,000
• E) 90,000

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Definitions:

Semantic Associations

The connections or relationships between words or concepts in the mind based on meaning.

Mental Links

The connections between concepts, ideas, or pieces of information stored in memory.

Concepts

General ideas or understandings that individuals have about something, which are used to categorize and interpret information.

Schema's Tendency

The propensity of cognitive schemas, which are frameworks for understanding the world, to influence perception and memory in a consistent direction.