ily Industries Inc. manufactures dorm furniture in separate processes. In each process, materials are entered at the beginning, and onversion costs are incurred uniformly. Production and cost data for the first process in making a product are as follows. Production Data- July Work in process units, July 1 Units started into production Work in process units, July 31 Work in process percent complete Cutting Department T12-Tables o 23,200 3,480 60 $0 Cost Data-July Work in process, July 1 Materials Labor Overhead Total 440,800 271,904 120,640 $833,344 (b) Prepare the production cost report for July 2020. LILY INDUSTRIES INC. Cutting DepartmentPlant 1 Production Cost Report For the Month Ended July 31, 2020 Equivalent Units Conversion Materials Costs Physical Units Quantities Units to be accounted for Work in process, July 1 Started into production Total units Units accounted for Transferred out Work in process, July 31 Total units Conversion Costs Costs Materials Conversion Costs Materials Costs Unit costs Total Costs $ $ $ $ Equivalent units Unit costs $ $ $ Costs to be accounted for Work in process, July 1 Started into production $ Total costs $ Cost Reconciliation Schedule Costs accounted for Transferred out Work in process, July $ 31 Materials Conversion costs Cost Reconciliation Schedule Costs accounted for Transferred out Work in process, July 31 $ Materials $ Conversion costs Total costs $