Complete four steps necessary to prepare a production cost report. (LO 3, 4), AP P3-3A Thakin Industries Inc, manufactures dorm furniture in separate processes. In each process, materials are entered at the beginning, and conversion costs are incurred uniformly. Production and cost data for the first process in making two products in two different manufacturing plants are as follows. Cutting Department Plant 1 Plant 2 T12-Tables C10-Chairs -0- -0- 20,000 18,000 3,000 500 60 80 Production Data-July Work in process units, July 1 Units started into production Work in process units, July 31 Work in process percent complete Cost Data-July Work in process, July 1 Materials Labor Overhead Total $-0- 380,000 234,400 104,000 $718,400 $-o- 288,000 110,000 104,800 $502,800 (a) (3) T12 Materials CC (4) T12: Transferred out $19 $18 Instructions (a) For each plant (1) Compute the physical units of production. (2) Compute equivalent units of production for materials and for conversion costs. (3) Determine the unit costs of production. (4) Show the assignment of costs to units transferred out and in process. 5629,000 June. Complete four steps necessary to prepare a production cost report (LO 3, 4), AP P3-3A Thakin Industries Inc, manufactures dorm furniture in separate processes. In each process, materials are entered at the beginning, and conversion costs are incurred uniformly. Production and cost data for the first process in making two products in two different manufacturing plants are as follows. Cutting Department Plant 1 Plant 2 T12-Tables C10 Chairs -0- 20,000 18,000 3,000 500 60 80 Production Data-July Work in process units, July 1 Units started into production Work in process units, July 31 Work in process percent complete Cost DataJuly Work in process, July 1 Materials Labor Overhead Total $ -- 380,000 234,400 104,000 $718,400 $ -0- 288,000 110,000 104,800 $502,800 $19 $18 (a) (3) T12: Materials CC (4) T12: Transferred out WIP Instructions (a) For each plant: (1) Compute the physical units of production. (2) Compute equivalent units of production for materials and for conversion costs. (3) Determine the unit costs of production. (4) Show the assignment of costs to units transferred out and in process. (b) Prepare the production cost report for Plant 1 for July 2017 $629,000 $ 89,400 holders AND SOT