gnbexam04 - GNB 11/e Practice Exam Chapter 4 Print these...

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GNB 11/e 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. Samson Company uses the weighted-average method in its process costing system. The following data were taken from the company’s accounting records. 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. Ending work in process inventory, which was 100% complete as to materials and 60% complete as to conversion, was comprised of 80,000 units. Part (a) How many units were transferred out during the month? Part (b) What were the equivalent units of production for conversion costs for the month? 2. Banyon Company, a manufacturer of bicycle chains, 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. There were no units in the work in process inventory and 150,000 units in the finished goods inventory on June 1. 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 on June 30. The company sold 500,000 units during the month of June. Part (a) How many units were transferred from the processing department to the finished
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gnbexam04 - GNB 11/e Practice Exam Chapter 4 Print these...

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