Thakin Industries Inc. manufactures dorm furniture in separate processes. In each process, materials are added at the beginning, and conversion costs are incurred uniformly. Production and cost data for the first process in making a product are as follows. Production Data-July Work in process units, July 1 Cutting Department T12-Tables Units started into production 20,000 Work in process units, July 31 3,000 Work in process percent complete as to conversion, July 31 60% Cost Data-July Work in process, July 1 $0 Direct materials used in July 380,000 Direct labor incurred in July 234,400 Manufacturing overhead assigned in July 104,000 Total $718,400 (a4) Show the assignment of costs to units completed and transferred out and to work in process for July. T12 Tables Costs accounted for: Completed and transferred out Work in process Materials Conversion costs Total costs 69 57,000 $ 69 Prepare the production cost report for July 2022. THAKIN INDUSTRIES INC. Cutting Department Production Cost Report Quantities Units to be accounted for Work in process, July 1 Started into production Total units Units accounted for Completed and transferred out Work in process, July 31 Total units Costs Physical Units Materials Equivalent Units Conversion Costs Materials Conversion Costs Costs Unit costs Total Costs Equivalent units Unit costs $ Materials Conversion Costs A $ SA $ Cost Reconciliation Schedule Costs to be accounted for Work in process, July 1 Started into production Total costs Costs accounted for Completed and transferred out Work in process, July 31 Materials Conversion costs Total costs +A $ SA $ SA $ $ SA