ACCT 206 Ch 4 Practice Exam

ACCT 206 Ch 4 Practice Exam - Garrison 13e Practice Exam...

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Garrison 13e 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. Hood Company uses the weighted-average method in its process costing system. All materials are added at the beginning of the process. The following information pertains to its Assembly Department for the current month: Number of units Cost of materials Beginning work in process 120,000 $ 40,000 Started during month 320,000 $108,000 Units completed 340,000 Ending work in process 100,000 Part (a) What were the equivalent units of production for materials for the current month? Part (b) What is the cost per equivalent unit for materials for the current month? 2. Gustafson Company uses the weighted-average method in its process costing system. The following data for the Grinding Department were taken from the company’s accounting records: The department’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. Part (a) How many units were transferred out of the Grinding Department during the month?
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Part (b) What were the equivalent units of production for conversion costs for the month? 3.
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ACCT 206 Ch 4 Practice Exam - Garrison 13e Practice Exam...

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