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In January, One of the Processing Departments at Seidl Corporation

question 4

Multiple Choice

In January, one of the processing departments at Seidl Corporation had ending work in process inventory of $35,000. During the month, $111,000 of costs were added to production and the cost of units transferred out from the department was $86,000.
-In the department's cost reconciliation report for January,the total cost accounted for would be:

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Definitions:

Purchase Money Security Interest

A legal claim or lien on collateral provided by a borrower to secure a loan used to purchase the collateral.

Personal Property Security Act

Legislation governing the use of personal property as security for a loan or obligation, detailing rights concerning collateral.

Security Interest

A legal claim or lien on collateral that has been pledged, usually to secure repayment of a loan.

Guarantee

A written commitment whereby a guarantor agrees to pay a debt if the debtor does not.

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