Oriole Industries Inc. manufactures dorm furniture in separate processes. In each process, materials are added 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 Work in process units, July 1 T12-Tables Units started into production 17,600 Work in process units, July 31 2,640 Work in process percent complete as to conversion, July 31 60% Cost Data-July Work in process, July 1 $0 Direct materials used in July 334,400 Direct labor incurred in July 206,272 Manufacturing overhead assigned in July 91,520 Total $632,192 Show the assignment of costs to units completed and transferred out and to work in process for July. Costs accounted for: Completed and transferred out T12 Tables 14960 Work in process Materials 2640 Conversion costs 2584 617232 Total costs 632192 Prepare the production cost report for July 2022. THAKIN INDUSTRIES INC. Cutting Department Production Cost Report Quantities Units to be accounted for Work in 1 process, July 1 Started into production Total units Units accounted for Completed and transferred out Work in process, July 31 Total units Costs Unit costs Total Costs Equivalent units Unit costs Cost Reconciliation Schedule Costs to be accounted for Physical Units Materials Materials Equivalent Units Conversion Costs Conversion Costs Costs to be accounted for Work in process, July 31 Total units Costs Unit costs Total Costs Equivalent units Unit costs Cost Reconciliation Schedule Costs to be accounted for Work in process, July 1 Started into production Total costs Costs accounted for Completed and transferred out Work in process. July 31 Materials Conversion costs Total costs Materials Conversion Costs