17-32 STANDARD COSTING, JOURNAL ENTRIES. The Warner Company manufactures reproductions of expensive sunglasses. Warner uses the standard-costing method of process costing to account for the production of the sunglasses. All materials are added at the beginning of production. The costs and output of sunglasses for May 2017 are as follows: Work in process, beginning Started during May Completed and transferred out Work in process, ending Standard cost per unit Physical Units 22,000 95,000 87,000 30,000 % of Completion for Conversion Costs 60% 75% Direct Materials $ 48,400 $ 2.20 Conversion Costs $ 33,000 $ 2.50 Work in process, ending Standard cost per unit Costs added during May 30,000 2.20 $ 2.50 $207,500 $238,000 Required 1. Compute equivalent units for direct materials and conversion costs. Show physical units in the first column of your schedule. 2. Compute the total standard costs of sunglasses transferred out in May and the total standard costs of the May 31 inventory of work in process. 3. Compute the total May variances for direct materials and conversion costs. 4. Prepare summarized journal entries to record both the actual costs and standard costs for direct materials and conversion costs, including the variances for both production costs. (9)