Question 4 20 pts Callaway Golf Inc. (CGI) is an equipment manufacturing company that specializes in golf related products and services. While Callaway prides itself on its wide selection of golf clubs and balls, its golf cart division specializes in the repair and recondition of luxury golf carts. As part of a normal reconditioning procedure, CGI performs the following services: motor and frame repair, as well as a replacement of seat covers and golf cart canvas tops. Recently, CGI's golf reconditioning division has been performing well and is growing on a steady pace, and therefore it is very important for the company to ensure all reconditioning orders are completed within the projected time and at the desired cost. CGI uses the weighted average method of process costing to keep track of the costs incurred in the reconditioning process. For the month of May 2021, production information for Callaway Golf Inc.'s golf cart reconditioning division are as follows: Golf carts started for reconditioning: 1,200 carts Beginning WIP: 150 golf carts, 50% complete for materials ($16,600) and 30% complete for conversion ($20,150) Direct Materials: $200,000 Conversion: $385,000 (On average, the conversion costs for Callaway Golf Inc. usually averages about $250 to $320 per golf cart, based on an average of 1,000 - 1,300 carts completed each month) Ending WIP: 300 golf carts, 30% complete for direct materials and 20% complete for conversion Required: 1. Prepare the production cost report for Callaway Golf Inc. for the month of May 2021. Ensure that your production report has the following components: a. Calculation of equivalent units of production b. Calculation of cost per equivalent unit C. Assignment of costs d. Cost reconciliation 2. Based on the next month's pre-orders, Callaway Golf Inc. will start working on a total of of 1,500 carts in June 2021. What comments do you have about the information presented in your production report in requirement 1 that will affect planning for the coming month's work? Include a discussion of at least two (2) items and its impact on the golf cart reconditioning plans for June 2021