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Read the following mini-case on Process Costing and complete the assignment questions listed at the end of the reading. Questions should be completed using the Excel Template provided in Canvas. Final responses should be uploaded in Excel to Canvas (1 per group) by the end of class on Wednesday 10/19/22 GB Sports, a sporting goods manufacturing company, exclusively produces basketballs at its North Carolina factory. The production of basketballs is a semi-automated process that begins with the pattern cutting of basketballs in the cutting department and then moves to the sewing department where the basketballs are stitched together. GB Sports uses process costing to track product costs in each department, tracking direct materials and conversion costs separately. CUTTING DEPARTMENT INFORMATION: Direct materials are added at the beginning of the cutting process, while conversion costs are added evenly during the cutting operations. When cutting operations are complete, the basketballs are immediately transferred to the sewing department. The following information is a summary of the October 2021 operations of the cutting department: SEWING DEPARTMENT INFORMATION: Direct materials are added when the stitching process is 60% complete, while conversion costs are added evenly during the sewing operations. When sewing operations are complete, the basketballs are immediately transferred to Finished Goods. The following information is a summary of the October 2021 operations of the sewing department: Assignment (Complete in the Excel Spreadsheet that accompanies this assignment) 1. Create a flow chart illustrating the production process of basketballs beginning with the raw materials and ending with the finished product. 2. Using the 5 -step process for process costing, calculate the equivalent units for direct materials, the equivalent units for conversion costs, and the direct materials and conversion costs unit product cost for the cutting department under the weighted-average method. 3. Using the 5 -step process for process costing, calculate the equivalent units for transferred-in costs, the equivalent units for direct materials, the equivalent units for conversion costs, and the transferred-in costs, direct materials cost, and conversion costs unit product cost for the sewing department under the weighted-average method. 4. Assuming no beginning finished goods inventory in October, If GB Sports sells 65,000 basketballs during the month of October, what is the unit product cost for basketballs in Ending Finished Goods Inventory under the weighted-average method? Read the following mini-case on Process Costing and complete the assignment questions listed at the end of the reading. Questions should be completed using the Excel Template provided in Canvas. Final responses should be uploaded in Excel to Canvas (1 per group) by the end of class on Wednesday 10/19/22 GB Sports, a sporting goods manufacturing company, exclusively produces basketballs at its North Carolina factory. The production of basketballs is a semi-automated process that begins with the pattern cutting of basketballs in the cutting department and then moves to the sewing department where the basketballs are stitched together. GB Sports uses process costing to track product costs in each department, tracking direct materials and conversion costs separately. CUTTING DEPARTMENT INFORMATION: Direct materials are added at the beginning of the cutting process, while conversion costs are added evenly during the cutting operations. When cutting operations are complete, the basketballs are immediately transferred to the sewing department. The following information is a summary of the October 2021 operations of the cutting department: SEWING DEPARTMENT INFORMATION: Direct materials are added when the stitching process is 60% complete, while conversion costs are added evenly during the sewing operations. When sewing operations are complete, the basketballs are immediately transferred to Finished Goods. The following information is a summary of the October 2021 operations of the sewing department: Assignment (Complete in the Excel Spreadsheet that accompanies this assignment) 1. Create a flow chart illustrating the production process of basketballs beginning with the raw materials and ending with the finished product. 2. Using the 5 -step process for process costing, calculate the equivalent units for direct materials, the equivalent units for conversion costs, and the direct materials and conversion costs unit product cost for the cutting department under the weighted-average method. 3. Using the 5 -step process for process costing, calculate the equivalent units for transferred-in costs, the equivalent units for direct materials, the equivalent units for conversion costs, and the transferred-in costs, direct materials cost, and conversion costs unit product cost for the sewing department under the weighted-average method. 4. Assuming no beginning finished goods inventory in October, If GB Sports sells 65,000 basketballs during the month of October, what is the unit product cost for basketballs in Ending Finished Goods Inventory under the weighted-average method
