Required Information [The following information applies to the questions displayed below.] Golf World, Incorporated (GW) sells products and services for the sport of golf. One of its key business units specializes in the repair and reconditioning of golf carts. GWI enters into contracts with a number of golf clubs throughout the U.S. in which the clubs send their carts to GWI for a complete reconditioning: motor, frame repair where necessary, and replacement of seat covers and canvas tops. The clubs usually will cycle 10-15% of their carts through this process each year. Because GWI's business has been growing steadily, it is very important to complete the reconditioning of the carts within a budgeted time and cost. The firm uses weighted-average process costing to keep track of the costs incurred in the reconditioning process. GWI's golf cart repair and reconditioning unit has the following information for the month of November, in which 1,290 carts were started for reconditioning: Beginning WIP: 240 units, 50% complete for materials ($17,500) and 30% complete for conversion ($21,050) Current costs: Direct Materials: $200,900 Conversion: $636,600 (conversion costs for GWI usually average about $340 to $410 per unit, based on an average of 1,090-1,390 units completed each month) Ending WIP: 390 units, 30% complete for direct materials and 20% complete for conversion Required 1. Complete the production cost report for the month of November. (Round "Cost per equivalent unit" answers to 4 decimal places.) Input: Beginning WIP Units started Units to account for Output: Units finished Ending WIP Units to accounted for Equivalent Units: Weighted Average Units completed Direct Materials (Ending WIP) Production Cost Report for November Production Quantity Information Physical Unita Conversion (Ending WIP) Total Beginning WIP Current costs Total Divide by equivalent units Cost per equivalent unit Finished goods Ending WIP Direct Materials Conversion Total costs assigned Direct Materiale Unit Cost Determination Direct Materiale Cost Assignment units units Conversion % Conversion Completed & Ending Work- Trans-out In-Process Total Total

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
Required Information
[The following information applies to the questions displayed below.]
Golf World, Incorporated (GW) sells products and services for the sport of golf. One of its key business units specializes in
the repair and reconditioning of golf carts. GWI enters into contracts with a number of golf clubs throughout the U.S. in
which the clubs send their carts to GWI for a complete reconditioning: motor, frame repair where necessary, and
replacement of seat covers and canvas tops. The clubs usually will cycle 10-15% of their carts through this process each
year. Because GWI's business has been growing steadily, it is very important to complete the reconditioning of the carts
within a budgeted time and cost. The firm uses weighted-average process costing to keep track of the costs incurred in
the reconditioning process.
GWI's golf cart repair and reconditioning unit has the following information for the month of November, in which 1,290
carts were started for reconditioning:
Beginning WIP: 240 units, 50% complete for materials ($17,500) and 30% complete for conversion ($21,050)
Current costs:
Direct Materials: $200,900
Conversion: $636,600 (conversion costs for GWI usually average about $340 to $410 per unit, based on an average of
1,090-1,390 units completed each month)
Ending WIP: 390 units, 30% complete for direct materials and 20% complete for conversion
Required
1. Complete the production cost report for the month of November. (Round "Cost per equivalent unit" answers to 4 decimal places.)
Input:
Beginning WIP
Units started
Units to account for
Output:
Units finished
Ending WIP
Units to accounted for
Equivalent Unite: Weighted Average
Units completed
Direct Materials (Ending WIP)
Conversion (Ending WIP)
Total
Beginning WIP
Current costs
Total
Production Cost Report for November
Production Quantity Information
Physical Unita
Divide by equivalent units
Cost per equivalent unit
Finished goods
Ending WIP
Direct Materials
Conversion
Total costs assigned
Direct
Materiale
Unit Cost Determination
Direct
Materiale
Cost Assignment
units
units
%
Conversion
%
Conversion Total
Completed & Ending Work- Total
Trans-out
In-Process
Transcribed Image Text:Required Information [The following information applies to the questions displayed below.] Golf World, Incorporated (GW) sells products and services for the sport of golf. One of its key business units specializes in the repair and reconditioning of golf carts. GWI enters into contracts with a number of golf clubs throughout the U.S. in which the clubs send their carts to GWI for a complete reconditioning: motor, frame repair where necessary, and replacement of seat covers and canvas tops. The clubs usually will cycle 10-15% of their carts through this process each year. Because GWI's business has been growing steadily, it is very important to complete the reconditioning of the carts within a budgeted time and cost. The firm uses weighted-average process costing to keep track of the costs incurred in the reconditioning process. GWI's golf cart repair and reconditioning unit has the following information for the month of November, in which 1,290 carts were started for reconditioning: Beginning WIP: 240 units, 50% complete for materials ($17,500) and 30% complete for conversion ($21,050) Current costs: Direct Materials: $200,900 Conversion: $636,600 (conversion costs for GWI usually average about $340 to $410 per unit, based on an average of 1,090-1,390 units completed each month) Ending WIP: 390 units, 30% complete for direct materials and 20% complete for conversion Required 1. Complete the production cost report for the month of November. (Round "Cost per equivalent unit" answers to 4 decimal places.) Input: Beginning WIP Units started Units to account for Output: Units finished Ending WIP Units to accounted for Equivalent Unite: Weighted Average Units completed Direct Materials (Ending WIP) Conversion (Ending WIP) Total Beginning WIP Current costs Total Production Cost Report for November Production Quantity Information Physical Unita Divide by equivalent units Cost per equivalent unit Finished goods Ending WIP Direct Materials Conversion Total costs assigned Direct Materiale Unit Cost Determination Direct Materiale Cost Assignment units units % Conversion % Conversion Total Completed & Ending Work- Total Trans-out In-Process
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

Blurred answer
Knowledge Booster
Employee benefits
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education