Question 1: (100 points) (You must use the given template)! HasanMed Plc is a drug manufacturer for heart patients. It makes newly developed cholesterol control drug in a single processing department. Direct materials are added at the start of the process. Conversion costs are added evenly during the process. HasanMed uses the weighted average method of process costing. The following information for July 2019 is available. Equivalent Units Physical Units Direct Materials Conversion Costs 2500 36,000 Work in process, July 1 10,000 10,000 Started during July 38,500 Completed and transferred out during July 36,000 36,000 Work in process, July 31 12,500 12500 Beginning WIP: Degree of completion: direct materials, 100%; conversion costs, 25%. Ending WIP: Degree of completion: direct materials, 100%; conversion costs,70%. 8750 $ $ $84,425 52.875 Work in process, beginning Direct materials Conversion costs Direct materials added during July Conversion costs added during July Total costs to account for $137,300 315,700 515,450 $968,450 Required (You must use the given template)! Assume HasanMed uses the weighted average method of process costing and prepare the following: A. Calculate the cost per equivalent unit for direct materials and conversion costs. Summarize the total costs to account for, and assign them to units completed (and transferred out) and to units in ending work in process. NOTE: You may use the given template to answer. {template given below} B. A. Calculate the cost per equivalent unit for direct materials and conversion costs. (weighted-average method) (Step 2) (Step 1) Equivalent Units Physical Units Direct Conversion Flow of Production Materials Costs Beginning Work in process (WIP) 1* July (given) Input: Started during current period (given) To account for Output: Completed and transferred out in July (given) Ending WIP* (given) Accounted for Equivalent units of work done to date *Ending WIP: Degree of completion: direct materials, 100%; conversion costs, 70%. B. Summarize the total costs to account for, and assign them to units completed (and transferred out) and units in ending work in process. (weighted-average method) Total Production Conversion Direct M Costs Costs (Step 3) Beginning Work in process (WIP) 1st July (given) Input: Costs added in July (given) Total costs to account for (Step 4) Costs incurred to date Divide by equivalent units of work done to date Cost per equivalent unit of work done to date (Step 5) Assignment of costs: Output: Completed and transferred out Output: Ending WIP Total costs accounted for