A Partial Listing of Costs Incurred During December at Gagnier

question 130

Multiple Choice

A partial listing of costs incurred during December at Gagnier Corporation appears below:
-The total of the product costs listed above for December is:

• A)$310,000
• B)$89,000
• C)$635,000
• D)$325,000

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Definitions:

Circulating Security Interest

A floating charge over all of a company.

Floating Charge

A security interest over a fluctuating pool of assets, such as inventory or receivables, which allows the borrower to use the assets in the course of business.

Liquidator

A person or entity appointed to wind up the affairs of a company and dispose of its assets in the event of its liquidation.

Winding Up

The process of concluding a company's affairs, settling its liabilities, and distributing the remaining assets to the shareholders or owners.