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 two products in two different manufacturing plants are as follows. Cutting Department Production DataJuly Plant 1 T12-Tables Plant 2 C10-Chairs Work in process units, July 1 0 0 Units started into production 21,200 16,960 Work in process units, July 31 3,180 530 Work in process percent complete 60 80 Cost DataJuly Work in process, July 1 $0 $0 Materials 402,800 305,280 Labor 248,464 116,600 Overhead 110,240 111,088 Total $761,504 $532,968 Collapse question part (a1) Correct answer. Your answer is correct. For each plant compute the physical units of production. T12 Tables C10 Chairs Units to be accounted for Entry field with correct answer Entry field with correct answer Click if you would like to Show Work for this question: Open Show Work Show Solution Show Answer Link to Text Attempts: 1 of 3 used Collapse question part (a2) Correct answer. Your answer is correct. For each plant compute equivalent units of production for materials and for conversion costs. Materials Conversion Costs T12 Tables Entry field with correct answer Entry field with correct answer C10 Chairs Entry field with correct answer Entry field with correct answer Click if you would like to Show Work for this question: Open Show Work Show Solution Show Answer Link to Text Attempts: 1 of 3 used Collapse question part (a3) Partially correct answer. Your answer is partially correct. Try again. For each plant determine the unit costs of production. (Round unit costs to 2 decimal places, e.g. 5.25.) Materials Conversion Costs Total Costs Unit costs-T12 Tables $ Entry field with correct answer $ Entry field with incorrect answer $ Entry field with incorrect answer Unit costs-C10 Chairs $ Entry field with correct answer $ Entry field with incorrect answer $ Entry field with incorrect answer Click if you would like to Show Work for this question: Open Show Work Show Solution Show Answer Link to Text Attempts: 3 of 3 used Collapse question part (a4) Incorrect answer. Your answer is incorrect. Try again. For each plant show the assignment of costs to units transferred out and in process. T12 Tables Costs accounted for: Transferred out $ Entry field with incorrect answer Work in process Materials $ Entry field with incorrect answer Conversion costs Entry field with incorrect answer Entry field with incorrect answer Total costs $ Entry field with incorrect answer C10 Chairs Costs accounted for: Transferred out $ Entry field with incorrect answer Work in process Materials $ Entry field with incorrect answer Conversion costs Entry field with incorrect answer Entry field with incorrect answer Total costs $ Entry field with incorrect answer Click if you would like to Show Work for this question: Open Show Work Show Solution Show Answer Link to Text Attempts: 3 of 3 used Collapse question part (b) Prepare the production cost report for Plant 1 for July 2017. THAKIN INDUSTRIES INC. Cutting DepartmentPlant 1 Production Cost Report For the Month Ended July 31, 2017 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 $ $ $ 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 $