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, July 1	0
units started into production	22600
Work in process units, July 31	3390
Work in process % complete	60
Cost Data-July
Work in process, July 1	0
Materials	429400
Labor	264872
Overhead	117520
Total	811792

Compute the physical units of production. Units to be accounted for:

Compute equivalent units of production for materials and for conversion costs:

Determine the unit costs of production.

	Materials	Conversion Costs	Total Costs
Unit Costs	$	$	$

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

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 DepartmentPlant 1

Production Cost Report For the Month Ended July 31, 2020

Equivalent Units

Quantities- Physical Units- Materials- Conversion Costs

________________________

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

________________________________________

Costs --- Materials --- Conversion Costs ----- Total

Unit costs

Total Costs (materials and conversion costs)

Equivalent units (materials and conversion costs)

Unit costs (materials and conversion costs)

___________________________________

Costs to be accounted for

Work in process, July 1

Started into production