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Exercise 17-18 (similar to) Bio Quest Corporation is a biotech company that makes a cancer treatment drug in a single processing department Direct maternals are added at the start of the process. Conversion costs are added evenly during the process Bio Quest determines standard costs 56.50 per equivalent unit for direct materials and $10 60 por equivalent unit for conversion costs for both beginning work in process and work done in the current period The following information for July 2018 is available (Click the icon to view the data) Click the icon to view the costs Raque Costs Data - X X Required Total Costs for July 2018 Work in process beginning DU KHI LUA | | -- $ 82 500 98250 Equivalent Units Physical Direct Conversion Units Materials Costs Work in process, Jily 10 13750 13,750 9.625 Started during July 55 000 Completed and transferred out during July 46,750 46.750 46.750 Work in process July 31 22,000 22.000 12.100 Dege of completion direct material, 100% conversion costs 70% % Degree of completo direct meriah 100% conversion cost Conversion costs Direct materials added durmuy Conversion cysts added during July 178,750 357500 51023 1. Calculate the cost per equivalent unit for direct materals and conversion costs 2. Surmarize total costs to account for and assign total costs to units completed and transferred out) and to units in ending work in process using the Standard-casting method Note that you first need to calculate me equivalent units of work done in the cument period for direct materials and conversion costs) to complete beginning work in process to start and complete new units and to produce ending work in OCESS 3 Compute the total direct materials and conversion costs vanances for July 2018 5 1 040 375 Total costs to account for Print Done Print Done Print Dane 55000 49225 Work done to date Requirement 1. Cat cost require the motors and conversion costs Enter the physical and test and encoe went units (Round your answers to the newest who unt. Enter an amount necrotch Equivalent Units Physical Direct Conversion Flow of Production units Materials Costa Web Started during carent period Tout Cara Started in como Account Work done to dete Requirement 2. Summarize total costs to account for, and assist couts to wnies completed (ored tristurned out and to units in ending work as process wing the standard Contrg nettet Begin by surmaring the total costs to account for Round your answers to the whole DC co Cam Cats Total account for Fly to conta in units comprend and restored and to sending on preoty wig te omgang metry and then clichete con account Cm Cote Complete and transformed out cauta Requirements. Compute the total direct and conversion costs variances for July 2015 Label ancesc Fouverte Entre The Man Can Van