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Unformatted text preview: GNB 12e Practice Exam – Chapter 4 Print these pages. Answer each of the following questions, explaining your answers or showing your work, as appropriate, and then compare your solutions to those provided at the end of the practice exam. 1. Golob Company uses the weighted-average method in its process costing system. There is only one processing department. The following data were taken from the company’s accounting records. At the beginning of the month, there were no units in the work in process inventory and 150,000 units in the finished goods inventory. The company sold 500,000 units during the month. There were 32,000 units, which were 75% complete as to conversion costs, in the work in process inventory and 120,000 units in the finished goods inventory at the end of the month. Part (a) How many units were transferred from the processing department to the finished goods department during the month? Part (b) What were the equivalent units of production for conversion costs for the month? 2. Clarke Company uses the weighted-average method in its process costing system. The following data were taken from the company’s accounting records. The company’s beginning work in process inventory, which was 100% complete as to materials and 70% complete as to conversion, was comprised of 120,000 units. 360,000 units were started in process during the period. The company’s ending work in process inventory, which was 100% complete as to materials and 60% complete as to conversion, was comprised of 80,000 units....
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- Spring '09
- Hood Company, Golob Company, Clarke Company