Q4: The Victoria Corporation uses a standard costing system for its manufacturing operations. Standard cost for the cooking process are $6 per unit for direct materials and $3 per unit for the conversion costs. All direct materials are introduced at the beginning of the process, but conversion costs are added uniformly during the process. The operating summary for May 2017 included the following data for the cooking process: Work-in-process inventories: May 1: 3,000 units (Direct materials $18,000, conversion costs $5,400) May 31: 5,000 units. Units started in May: 20,000 Units completed and transferred out of cooking in May: 18,000 Additional actual cost incurred for cooking during May Direct materials: $125,000 Conversion costs: $ 57,000 Opening W.I.P are completed to 100% to direct materials and 60% to conversion. Closing W.I.P are completed 100% to direct labor and 50% to conversion. Required: compute the total standard costs of units transferred out in May and the total standard costs of the May 31 inventory of W.I.P.