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 0 23,600 Units started into production Work in process units, July 31 3,540 Work in process percent complete 60 Cost Data-July Work in process, July 1 $0 Materials 448,400 Labor 276,592 Overhead 122,720 Total $847,712 Compute the physical units of production. T12 Tables Units to be accounted for Compute equivalent units of production for materials and for conversion costs. Materials Conversion Costs T12 Tables Determine the unit costs of production. Materials Conversion Costs Total Costs Unit costs-T12 Tables $ $ $ T12 Tables Costs accounted for: Transferred out $ Work in process Materials $ Conversion costs Total costs $ THAKIN INDUSTRIES INC. Cutting Department-Plant 1 Production Cost Report For the Month Ended July 31, 2020 Equivalent Units Physical Units Conversion Costs Quantities Materials Units to be accounted for Workin process, July 1 Started into production Total units Units accounted for Transferred out Work in process, July 31 Total units Costs Materials 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 $