Question 3 Webley Corporation produces pharmaceutical drugs in a single processing department. Direct materials are added...

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Question 3 Webley Corporation produces pharmaceutical drugs in a single processing department. Direct materials are added at the start of the process and conversion costs are added evenly during the process. The company uses the standard costing method. Information for November 2020 is as follows: Physical units Work in process, beginning Degree of completion, beginning work in process Direct Materials 3,000 $ 28,500 $ 12,600 100% 70% Conversion Costs Started during the period 19,500 Completed and transferred out 15,000 Work in process, ending 7,500 Degree of completion, ending work in process Standard cost per unit $ 100% 9.50 $ 40% 6.00 Costs added during the period $ 175,000 $ 150,000 Required 1. Calculate equivalent units and total standard costs to account for direct materials and conversion costs. 2. Calculate the total direct materials and conversion cost variances. 3. Prepare the journal entries to record both the actual costs and standard costs for direct materials and conversion costs, including the variances for both production costs. Question 3 Webley Corporation produces pharmaceutical drugs in a single processing department. Direct materials are added at the start of the process and conversion costs are added evenly during the process. The company uses the standard costing method. Information for November 2020 is as follows: Physical units Work in process, beginning Degree of completion, beginning work in process Direct Materials 3,000 $ 28,500 $ 12,600 100% 70% Conversion Costs Started during the period 19,500 Completed and transferred out 15,000 Work in process, ending 7,500 Degree of completion, ending work in process Standard cost per unit $ 100% 9.50 $ 40% 6.00 Costs added during the period $ 175,000 $ 150,000 Required 1. Calculate equivalent units and total standard costs to account for direct materials and conversion costs. 2. Calculate the total direct materials and conversion cost variances. 3. Prepare the journal entries to record both the actual costs and standard costs for direct materials and conversion costs, including the variances for both production costs.