Problem 16-03A 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 a product are as follows. Cutting Department Production Data-July T12-Tables Work in process units, July 1 Units started into production 20,000 Work in process units, July 31 3,000 Work in process percent complete 60 Cost Data-July Work in process, July 1 $0 Materials 380,000 Labor 234,400 Overhead 104,000 $718,400 Total Your answer is correct. Compute the physical units of production. T12 Tables Units to be accounted for 20000 SHOW SOLUTION SHOW ANSWER LINK TO TEXT LINK TO VIDEO Your answer is correct. Compute equivalent units of production for materials and for conversion costs. Materials Conversion Costs T12 Tables 20000 18800 SHOW SOLUTION SHOW ANSWER LINK TO TEXT LINK TO VIDEO Your answer is correct. Determine the unit costs of production. Total Costs Materials Conversion Costs Unit costs-T12 Tables 19 18 37 SHOW ANSWER SHOW SOLUTION LINK TO TEXT LINK TO VIDEO | Your answer is partially correct. Try again. Show the assignment of costs to units transferred out and in process. T12 Tables Costs accounted for: Transferred out 695600 Work in process Materials 57000 $1 Conversion costs 32400 89400 Total costs 718400 LINK TO TEXT LINK TO VIDEO 7 Your answer is partially correct. Try again. Prepare the production cost report for July 2020. THAKIN INDUSTRIES INC. Cutting Department-Plant 1 Production Cost Report For the Month Ended July 31, 2020 Equivalent Units Physical Units Conversion Quantities Materials Costs Units to be accounted for Work in process, July Started into 718400 production Total units Units accounted for Transferred out Work in process, July 31 Total units Conversion Total Costs Materials Costs Unit costs $ Total Costs Equivalent units Unit costs Costs to be accounted for 2$ Work in process, July Started into production Total costs Cost Reconciliation Schedule Costs accounted for Transferred out Work in process, July 31 Materials Conversion costs 2$ Total costs LINK TO TEXT LINK TO VIDEO