Workflow to update lead status when converted to Contact

Workflow to update lead status when converted to Contact

Hello,
Is it possible to create a workflow or function to automatically update the lead status to Qualified when a lead is converted to contact? Currently we convert our leads & then look at a report on converted leads to see how many were converted per day/month, but they all show the last status before conversion as 'Not Qualified' because our sales agents did not update the status before conversion.