Problem 16-3A 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 processin products in two different manufacturing plants are as follows. Cutting Department g two T12-Tabes CIO-Chairs Production Date -July Work in process units, July 1 Units started into production Work in process units, July 31 Work in process percent complete 17,600 22,000 3,300 Cost Date-July Work in process, aly 1 Materials Labor Overhead 418,000 257,840 114,400 316,800 121,000 115,280 $790.240 For each plant compute the physical units of production T12 Tables CIO Chairs Units to be accounted for For each plant compute equivalent units of production for materials and for conversion costs Materials Conversion costs T12 Tables C10 Chairs p. 5.25.) For each plant determine the unit costs of production (Hound unit costs to 2 decimal places, Materials Conversion Costs Total Costs Una co2 Tables Unit CO -CID Car For each plant show the assignment of costs to units transferred out and in process. T12 Tables Costs accounted for: Transferred out Work in process Materials Conversion costs Total costs C10 Chairs Costs accounted for: Transferred out Work in process Materials Conversion costs Total costs Prepare the production cost report for Plant 1 for July 2017. THAKIN INDUSTRIES INC. Cutting Department Plant 1 Production Cost Report For the Month Ended July 31, 2017 Equivalent Units Physical Conversion Units Materials Costs Quantities Units to be accounted for Work in process, July 1 Started into production Total units Units accounted for Transferred out THAKIN INDUSTRIES INC. Cutting Department-Plant 1 Production Cost Report For the Month Ended July 31, 2017 Equivalent Units Physical Conversion Units Materials Costs 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 Materials Conversion 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