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Over [174]
3 years ago
12

The units transferred in from the first department to the second department should be included in the computation of the equival

ent units for the second department under which of the following methods of process costing?
FIFO Weighted-Average
a. Yes Yes
b. Yes No
c. No Yes
d. No No
Business
1 answer:
Mashcka [7]3 years ago
7 0

Answer:

A. Yes Yes

Explanation:FIFO(FIRST IN FIRST OUT) this is a terminology used in accounting, Quality assurance/Food safety and stock management to control the receiving and usage,transfer or sale of goods,raw materials,spare parts etc. It is aimed at ensuring that products are used or sold according to the time it was received.

It is a method of determining the arithmetic mean of a set of data,or the average weight of a set of materials because some of the data or materials weigh more than the other. It is applied in materials and stock management to ensure that proper stock value is obtained when valuing the total amount of materials or stock received.

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When Myra first became eligible for Medicare, she enrolled in Original Medicare (Parts A and B). She is now 67 and will turn 68
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3 years ago
Chavoy Corporation was organized on July 1. The company's charter authorizes 100,000 shares of $10 par value common stock. On Au
kolbaska11 [484]

Answer:

August 1

Dr Legal Expense $9,600

Cr Common stock $8,000

Cr Paid Capital $1,600

August 15

Dr Cash $78,000

Cr Common stock $50,000

Cr Paid in Capital $28,000

October 15

Dr Land $51,000

Cr Common stock $30,000

Cr Paid in Capital $21,000

Explanation:

Preparation of the journal entries to record the stock issuances on August 1, August 15, and October 15.

August 1

Dr Legal Expense $9,600

Cr Common stock $8,000

(800 shares*$10 par value)

Cr Paid Capital $1,600

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Dr Cash $78,000

Cr Common stock $50,000

(5,000shares*$10 par value)

Cr Paid in Capital $28,000

($78,000-$50,000)

(To record stock issuances)

October 15

Dr Land $51,000

Cr Common stock $30,000

(3,000shares*$10 par value)

Cr Paid in Capital $21,000

($51,000-$30,000)

(To record stock issuances)

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