GNBExam04

GNBExam04 - GNB 12e Practice Exam Chapter 4 1. Golob...

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GNB 12e Practice Exam – Chapter 4 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? The number of units transferred out during the month would be determined as follows. Account for all units in the finished goods department in order to compute the number of units that were transferred from the processing department to finished goods during the month. Beginning finished goods inventory 150,000 (given) Sold (transferred out of finished goods inventory) 500,000 (given) Started (transferred in from processing dept.) 470,000 (C) Ending inventory 120,000 (given) Total units to be accounted for 620,000 (B) Total units accounted for 620,000 (A) Calculations: (A) Units sold + Units in ending inventory = Total units accounted for 500,000 + 120,000 = 620,000 (A)
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This note was uploaded on 07/15/2010 for the course ECON 137A taught by Professor Watson during the Fall '08 term at UCSB.

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GNBExam04 - GNB 12e Practice Exam Chapter 4 1. Golob...

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