Managerial Accounting Take Home Problem Problem 16-3A P16-3A Complete four steps necessary to prepare a production cost report. 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 Plant 1 T12-Tables Plant 2 C10-Chairs Work in process units, July 1 Units started into production 20,000 3,000 60 18,000 500 80 Work in process units, July 31 Work in process percent complete Cost Data-July Work in process, July 1 Materials 380,000 234,400 104,000 $718.400 288,000 110,000 104,800 $502,800 Labor Overhead Total Instructions (a) For each plant: 1. Compute the physical units of production. 2. Compute equivalent units of production for materials and for conversion costs. 3. Determine the unit costs of production. 4. Show the assignment of costs to units transferred out and in process. (b) Prepare the production cost report for Plant 1 for Jul 2017