Required information Problem 6-42 (Static) Reconditioning Service; Weighted-Average Method [LO 6-2, 6-3, 6-4] [The following information applies to the questions displayed below] Golf World, Incorporated (GWI) 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 US. 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 1,200 carts were started for reconditioning: Beginning WIP: 150 units, 50% complete for materials ($16,600) and 30% complete for conversion ($20,150) Current costs Direct Materials: $200,000 Conversion: $385,000 (conversion costs for GWI usually average about $250 to $320 per unit, based on an average of 1,000 1,300 units completed each month) Ending WIP: 300 units, 30% complete for direct materials and 20% complete for conversion Part 1 (Static) Required 1. Complete the production cost report for the month of November Required 1. Complete the production cost report for the month of November Production Cost Report for November Production Quantity Information Direct Physical Units Materials 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) Conversion (Ending WIP) Total Unit Cost Determination Conversion % % % < Prev Beginning WIP Current costs Total Divide by equivalent units Unit Cost Determination Direct Conversion Materials Total 69 $ 0 0 $ 0 $ 0 Cost per equivalent unit $ 0 Cost Assignment Completed & Ending Work-in- Trans-out Process Total Finished goods units Ending WIP units Direct materials Conversion Total costs accounted for $ SS 0 Problem 6-39 (Static) Weighted-Average Method [LO 6-2, 6-3, 6-4] Arsenio Company manufactures a single product that goes through two processes, mixing and cooking. The following data pertain to the mixing department for August Work-in-process inventory, August 1 Conversion: 80% complete 34,000 units Work-in-process inventory, August 31 Conversion: 50% complete 30,000 units 66,000 Units started Units completed and transferred out Costs Work-in-process inventory, August 1 Material X Material Y Conversion Costs added during August Material X Material Y Conversion $ 64,800 88,100 119,880 152,700 135,900 305,120 Required information Problem 6-40 (Static) Weighted-Average Method [LO 6-2, 6-3, 6-4] [The following information applies to the questions displayed below] The T. L Lin Company manufactures a variety of natural fabrics for the clothing industry in a suburb of Shanghai. The following data in Chinese currency called yuan (CNY) pertain to the month of October Work-in-Process Inventory, October 1 Direct materials: 60% complete Conversion: 30% complete Costs Incurred during October Direct materials Conversion 50,000 units 55,440 yuan 54,425 yuan 820,400 yuan 1,350,600 yuan During October, 200,000 units were completed and transferred out. At the end of the month, 30,000 units (direct materials 80% and conversion 50% complete) remain in Work-in-Process Inventory