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ITEMS TO COMPLETE FOR THIS PROJECT: PROMPT You are the new cost accountant at SRS. In your new position, you have been asked to perform a few tasks for the companys leadership team. Use the scenario info in the table below:

"A: Create an overview diagram using whichever flowchart or diagram tool you feel most comfortable with. Paste it on the OVERVIEW DIAGRAM sheet.

" B: Prepare journal entries to summarize the 2017 transactions. As your final entry, dispose of the year-end under- or overallocated manufacturing overhead as a write-off to the Cost of Goods Sold (COGS) account. Assume COGS given of $4,020 does not include the write off of overallocated manufacturing overhead. Use the template on the JOURNAL ENTRIES sheet. "C: Show posted T-accounts for all inventories, Cost of Goods Sold, Manufacturing Overhead Control, and Manufacturing Overhead Allocated. Use the template on the T-ACCOUNTS sheet."

D: How did the SRS Educational Press perform in 2017? Should the company continue to have in-house press production? Support your answer with relevant data. Type your answer on the PERFORMANCE sheet. SRS COST DATA

Direct materials and supplies purchased on credit: $800

Direct materials used: $710

Indirect materials issued to various production departments: $100

Direct manufacturing labor: $1,300

Indirect manufacturing labor incurred by various production departments: $900

Depreciation on building and manufacturing equipment: $400

Miscellaneous manufacturing overhead incurred by various production departments: $550 o (Ordinarily, this would be detailed as repairs, photocopying, utilities, etc.) Manufacturing overhead allocated at 160% of direct manufacturing labor costs: ?

Cost of goods manufactured: $4,120

Revenues: $8,000

Cost of goods sold (before adjustment for under- or overallocated manufacturing overhead): $4,020

Inventories, December 31, 2016 (not 2017): o

Materials control: $100

o Work-in-process control: $60

o Finished goods control: $500

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