The financial statement presentation of a change in reporting entity is most similar to the reporting of a:
A. A change in accounting principle.
B. Change in accounting estimate.
C. Discontinued business operation.
D. Correction of a material error discovered after the year the error was made.
Ans: D. Correction of a material error discovered after the year the error was made.
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During August, the Filtering Department of Union Square, Inc had a beginning Work-in-Process Inventory balance of 120 units with costs of $60,000. During the month, it started and completed 260 units. It had 30 units in the ending Work-in-Process Inventory. What is the number of equivalent units of production for transferred in units in the Filtering Department in August under the first-in, first-out (FIFO) method?
A) 120 units B) 410 units C) 290 units D) 230 units
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