QUESTION 2 INSTRUCTION 2: (Round 5 amounts to the nearest $.01 (i.e., penny)) Show support for your answers. Use the information below AND determine the (a) cost of the units transferred out and (b) the cost of the ending WIP for July 31 HINT Use your hard copy of the production cost report to assist you. The Cutting Department of Lawrence & Laud Company reports the following information for the month of July 2018 Materials are entered at the beginning of the cutting process. Other costs are incurred ovenly during the process Production results were: (1) 24.000 units were started at the beginning of July (2) At July 31, 2018, 4,000 units were left 60% complete as to conversion and 100% complete as to material Cost accumulated during October include: (1) $0 costs (e no beginning WIP) at July 1, 2018 (2) Material, $90,000 (3) Labor $27.200 (4) Manufacturing Overhead, 532.200 HINT: Use your hard copy of the production cost report to assist you