Forecasts should include both the expected value of the forecast and a measure of forecast error

On May 1, 2016, Butler Services issued a long-term note payable for $35,000

The note will be paid over five-years with annual principal payments of $7,000, plus interest, on May 1 of each year beginning on May 1, 2017. Prepare the journal entry for the issuance of the note. What will be an ideal response

Under the first-in, first-out (FIFO) method, the current period equivalent units of production for transferred in units in beginning inventory are zero because ________

A) these units are transferred back to the previous department for further processing in the current period B) these units are expected to be sold by the receiving department without subjecting them to further processing C) no additional costs for these units were transferred in the current period D) costs involved in inter-departmental transfers are accounted for only once when sales are made to customers