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 Units started into production 20,200 Work in process units, July 31 3,030 Work in process percent complete 60 Cost Data-July Work in process, July 1 50 Materials 383,800 Labor 236,744 Overhead 105,040 Total $725,584 Compute the physical units of production: Units to be accounted for T12 Tables Compute equivalent units of production for materials and for conversion costs Materials T12 Tables Determine the unit costs of production Unit costs-T12 Tables Conversion Costs Materials Conversion Costs Total Costs 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 $ 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 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 Physical Units Materials Conversion Costs Costs Unit costs Total Costs Equivalent units Unit costs Costs to be accounted for Work in process, July 1 Started into production Total costs Materials Conversion Costs To Cost Reconciliation Schedule Costs accounted for Transferred out Work in process, July 31 Materials Conversion costs Total costs