Prepare a production cost report for July 20XX. Assume materials are added at the beginning of the production process and the following cost and production data. Production Data - Basketballs Units WIP units 7/1 500 Units started into production 1,600 WIP units 7/31 600 % Complete 60% 1,600 40% 40% $540 Cost Data - Basketballs WIP 7/1 Materials Conversion Costs Labor $300 Overhead 200 500 Total WIP 7/1 $1.040 Costs added during month: Direct materials Direct labor Manufacturing overhead $2,400 $1,600 $1,380