Question 8 (7 Marks) Queensland Publishers Inc., has two departments: printing and binding. Each department has one direct-cost category (direct materials) and one indirect-cost category (conversion costs). This problem focuses on the binding department. Books that have undergone the printing process are immediately transferred to the binding department. Direct material is added at the end of the process. Conversion costs are added evenly during binding operations. When those operations are done, the books are immediately transferred to Finished Goods. The following is a summary of the April 2023 operations of the binding department: Required: Assume that the company uses the FIFO (first in first out) method. Using the following five steps, prepare a production cost worksheet for the binding department. (7 Marks). 1) Summarize the flow of physical units of output. 2) Compute equivalent units. 3) Summarize total costs to account for. 4) Compute cost per equivalent unit. (round to 2 decimal places, e.g., \$12.34) 5) Assign total costs to units completed and to units in ending work-in-process. (round to the nearest whole number, e.g., $1,234)