Total Ofce National is a wholly Australianowned company that was established in 1989. Since establishment, Total Ofce National has developed a vast client base in the market for ofce supplies, ofce furniture and workwear. The accountant has gathered information extracted from the production department that relates to a product line called 'Gift and Party Supplies'. Ail materials-are added at the start of the production process while conversion costs are applied uniformly throughout the production process. The business uses process costing with a weighted average costing approach. Summary of operations conducted during June 2020 are presented below: I pening WIP: 1 June 20,000 units. 40% complete Materials Conversion dditional data for the month ofJune: nits started in June Costs incurred in June: Materials Conversion losing WlP: 30 June 32,000 units. 60% complete Please use the supplied production report to answer the following requirements. 1. Calculate the equivalent units for: (Hint: you need to do physical unit analysis first) i. Materials ii. Conversion 2. Calculate cost per equivalent unit for: i. Direct materials ii. Conversion 3. Calculate the total costs assigned to: i. Units completed and transferred out in June. ii. Workvinvprocess inventory at June 30. 4. Discuss a product costing system. Explain the steps involved in product costing systems