QUESTION2 Tasman Company Ltd manufactures tennis rackets. Materials are added at the beginning of the production process and conversion costs are incurred uniformly. Production and costs data for the month of July 2017 are as follows: Units 500 1,000 600 Percentage complete 60% Production data Tennis rackets Work in process units, July 1 Units started into production Work in process units, July 31 40% Cost data - Tennis rackets Work in process, July 1 $750 600 Materials Conversion costs Direct materials Direct labour Manufacturing overhead S 1,350 2,400 1,580 1,240 Requirements: a) Calculate the following 1) The equivalent units of production for materials and conversion costs. 1 Mark) 2) The unit costs of production for materials and conversion costs. (1.5 Marks) 3) The assignment of costs to units transferred out and in process at the end of the accounting period. (l Mark) b) Prepare a production cost report for the month of July for the tennis rackets