Standard-costing method, assigning costs. Refer to the information in Exercise 17-19.

Suppose Chatham determines standard costs of $6.10 per (equivalent) unit for direct materi¬

als and $10.20 per (equivalent) unit for conversion costs for both beginning work in process and work done in the current period.

Required 1. Do Exercise 17-19 using the standard-costing method. Note that you first need to calculate the equivalent emits ofwork done in the current period (for direct materials and conversion costs) to complete beginning work in process, to start and complete new units, and to pro¬

duce ending work in process.

2. Compute the total direct materials and conversion costs variances forJuly 2007.