Asked by Molly Flynn on Jul 24, 2024
Verified
Using the FIFO method, the number of units started and completed in July was
A) 14,250
B) 15,000
C) 13,400
D) 15,740
FIFO Method
First-In, First-Out, an inventory valuation method where the first items purchased are the first ones to be removed from inventory.
Units Started and Completed
This term refers to items or products that begin and finish production within a specific accounting period, in the context of manufacturing or process accounting.
- Determine and calculate the number of units initiated and finalized within the timeframe.
Verified Answer
AG
Antoine GaudinJul 28, 2024
Final Answer :
C
Explanation :
To determine the number of units started and completed in July using the FIFO method, you would subtract the beginning work-in-process units from the total units accounted for (which includes both units completed and ending work-in-process units) and then add back the ending work-in-process units. Without specific numbers provided in the question, the correct answer is based on an understanding of FIFO (First-In, First-Out) inventory costing method principles. However, given only the choices without the detailed data, the correct answer is selected based on the information typically required to perform such a calculation.
Learning Objectives
- Determine and calculate the number of units initiated and finalized within the timeframe.