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 23,000 3.450 60 Cost Data-July Work in process, July 1 Materials Labor Overhead Total $0 437,000 269,560 119,600 $826,160 Part 4 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 $ Part 5 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 Quantities Units to be accounted for Work in process, July 1 Started into production Total units Units accounted for Transferred out ucun COSport For the Month Ended July 31, 2020 Equivalent Units Conversion Materials Costs Physical 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 Costs Materials Conversion 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 Total $ $ LA $ $ $ $ $ $ Cost Reconciliation Schedule Costs accounted for Transferred out Workin process, July 31 Materials Conversion costs $ $ Total costs A A $