Question 1 (11 points) Clever Creations makes trinkets and uses a process costing system (weighted average method). Data relating to the company's Cutting Department for the month of August is provided on the following page. In addition, costs associated with beginning inventory consisted of $700 for materials and $1,600 for conversion. Costs added this month were $8,800 for materials and $12,000 for conversion. Required: 1. Complete the Production Report started below. Round all unit costs to two decimal places and all other amounts to the whole dollar, and reconcile the total cost. (9 marks) 2. Prepare the journal entry to record the cost of the units completed and transferred to the Stamping Department. (2 marks) Units to account for Beginning Work in Process Started into production Total units 750 5,750 6,500 Total Units accounted for as follows: Transferred to Stamping Department Ending Work in Process Total equivalent units 5,500 1,000 6,500 Equivalent Units Materials Conversion 5,500 5,500 1,000 400 6,500 5,900