The company designs and builds specialty time pieces. The following data is from the Assembly department for the most recent month. Direct Direct Watches Materials $ % Labour $ % Beginning Work In Process 500 12,000 80% 5,000 50% Current period 118,800 79,800 Completed during the period 4,000 Ending Work In Process 400 90% 60% Production Overhead $ 1,000 40,200 % 20% 30% Required: 1. What was the number of watches started in the period? Show your work. 2. What is the total production cost for the period to account for in the Assembly department? 3. What two inventory accounts do the period's cost of production get allocated to at period end? 4. What are the equivalent units of production for the period? 5. Compute the cost per Equivalent Unit. Show your work. 6. What is the value of ending Work In Process? Show your work. 7. What is the journal entry to transfer the completed units to Finished Goods