Chapter 14: Job-Order Costing and Process-Costing S CHAPTER 14 JOB-ORDER COSTING AND 1. Prepare summary journal entries for 2012 transactions. Omit explanations. 2. Show the T-accounts for all inventories, Cost of Goods Sold, and Factory Department Overhead Control. Compute the ending balances of the inventories. Do not adjust for underapplied or over- applied factory overhead. 14-B2 Basic Process Costing Parenzo Company produces digital watches in large quantities. The manufacturing costs of the assem- bly department were as follows: I $2,394.000 Direct materials added Conversion costs Direct labor Factory overhead Assembly costs to account for $561.000 870.000 1,431,000 $3,825,000 For simplicity, assume that this is a two-department company: assembly and finishing. There was no beginning work in process. Suppose 570.000 units were started in the assembly department. There were 287,000 units completed and transferred to the finishing department. The 283,000 units in ending work in process were fully completed regarding direct materials but one-quarter completed regarding conversion costs. 1. Compute the equivalent units and unit costs in the assembly department. 2. Compute the costs of units completed and transferred to the finishing department. Also compute the cost of the ending work in process in the assembly department. (For journal entries, see Exercise 14-35.)