Lily 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 a product are as follows.

Lily 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 a product are as follows. Cutting Department Production Data-July T12-Tables Work in process units, July 1 Units started into production Work in process units, July 31 Work in process percent complete 0 20,600 3,090 60 Cost Data-July $0 Work in process, July 1 Materials Labor Overhead 391,400 241,432 107,120 $ 739,952 Total Compute the physical units of production. T12 Tables Units to be accounted for 20600 SHOW SOLUTION SHOW ANSWER LINK TO TEXT LINK TO TEXT (a2) Your answer is correct. Compute equivalent units of production for materials and for conversion costs. Materials Conversion Costs T12 Tables 20600 19364 Determine the unit costs of production. Materials Conversion Costs Total Costs Unit costs-T12 Tables Show the assignment of costs to units transferred out and in process. T12 Tables Costs accounted for: Transferred out 47870 Work in process Materials 58710 Conversion costs 3372 92082 Total costs 739952 Prepare the production cost report for July 2020. LILY INDUSTRIES INC. Cutting Department Plant 1 Production Cost Report For the Month Ended July 31, 2020 Equivalent Units Physical Units Conversion Costs Quantities Materials Units to be accounted for Work in process, July 1 Started into production 20600 Total units 20600 Units accounted for Transferred out 175100 17510 Work in process, July 31 090 3090 3090 Total units Conversion Costs Costs Materials Total Unit costs Total Costs Equivalent units Materials UITVCI SIUIT Costs Total 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 Total costs