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 DataJuly T12-Tables Work in process units, July 1 0 Units started into production 20,000 Work in process units, July 31 3,000 Work in process percent complete 60 Cost DataJuly Work in process, July 1 $0 Materials 380,000 Labor 234,400 Overhead 104,000 Total $718,400.

Show the assignment of costs to units transferred out and in process.