Question 1 (11 points) Penelope's Pots makes flower pots and uses a process costing system (weighted average method). Data relating to the company's Drying Department for the month of July is provided on the following page. In addition, costs associated with beginning inventory consisted of $1,600 for materials and $1,100 for conversion. Costs added this month were $15,000 for materials and $8,600 for conversion. Required: 1. Complete the Production Report started below. Round all unit costs to two decimal places and all other amounts to the whole dollar, and reconcile the total cost. (9 marks) 2. Prepare the journal entry to record the cost of the units completed and transferred to the Packaging Department (2 marks) Units to account for Beginning Work in Process Started into production Total units 750 5,750 6,500 Units accounted for as follows: Transferred to Stamping Department Ending Work in Process Total equivalent units Total 5,500 1,000 6,500 Equivalent Units Materials Conversion 5,500 5,500 1,000 400 6,500 5,900