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. Production Data-July Work in process units, July 1 Units started into production Work in process units, July 31 Work in process percent complete Cutting Department T12-Tables 0 21,000 3,150 60 Cost Data-July Work in process, July 1 Materials Labor Overhead Total $0 399,000 246,120 109,200 $754,320 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 $ $ $ $ Show the assignment of costs to units transferred out and in process. T12 Tables $ Costs accounted for: Transferred out Work in process Materials $ 399000 Conversion costs Total costs $ Prepare the produceloncest report for July 2020. THAKIN INDUSTRIES INC. Cutting Department Plant 1 Production Cost Report For the Month Ended July 31, 2020 Equivalent Units Conversion Materials Costs Physical Units Quantities Uhls to be cooted for Work processus Started into production Total unita accorded for Trensferred cut Work procesuty 31 Total unit Conversion Costa Materials Coats Unit costa Total Costa Eguivalent 5 Unit costa 3 Cea to be ecounted for Work procesulya Started Ines production Totalca Reconciliation Schedule ecounted for Transferred cut Work in procesul Meestela Conversion ceata Total 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 Conversion Materials Costs Physical Units Materials Conversion Costs Total 5 5 5 5