Question 5 (33 marks) Bio Doc Corporation produces pharmaceutical drugs in a single processing department. Direct materials are added at the start of the process and conversion costs are added evenly during the process. Bio Doc uses the standard costing method. Information for October 2019 is as follows: Work in process, beginning Degree of completion, beginning work in process Started during the period Completed and transferred out Work in process, ending Degree of completion ending work in process Standard cost per unit Costs added during the period Physical Direct Conversion units Materials Costs 2,500S 18.750 $ 15,750 100% 70% 19,500 19,000 3.000 100% 40% $ 7.50 $ 9.00 $ 175.000 150.000 Required 1. Calculate total costs to account for and assign total costs to units completed (and transferred out) and to units in ending work in process, 2. Calculate the total direct materials and conversion cost variances 3. Prepare the journal entries to record both the actual costs and standard costs for direct materials and conversion costs, including the variances for both production costs