Tiger Company is a manufacturer of paint for consumer use. Tiger uses process costing to account for production. Costs and output figures for October are as follows: Tiger Company's Process Costing for the Month Ended October 31, 2020 Standard cost per gallon Work in process, beginning inventory (Oct. 1) Degree of completion of beginning work in process Started in October Completed and transferred out Work in process, ending inventory (Oct. 31) Degree of completion of ending work in process Total costs added during October Gallons Direct Materials Conversion Costs S 6.00 $ 12.00 48,000 $ 19,200 8,000 70,000 75,000 3,000 100% 100% 20% 60% $900,000 $421,600 1. Compute equivalent units for direct materials and conversion costs. Show physical units (gallons) in the first column of your schedule. 2. Compute the total standard costs of paint transferred out in October and the total standard costs of the October 31 inventory of work in process. 3. Compute the total October variances for direct materials and conversion costs. 4. Prepare summarized journal entries to record both the actual costs and standard costs for direct ma- terials and conversion costs, including the variances for both production costs.