The University of Chicago Press is wholly owned by the university. It performs the bulk of its work for other university departments, which pay as though the press were an outside business enterprise. The press also publishos and maintains a stock of books for general sale, The press uses normal costing fo cost each job. Its job-costing system has two direct-cost categories (direct materials and direct manufacturing labor) and one indirect-cost pool (manufacturing overhead, allocated on the basis of direct manufacturing labor costs). The following data (in thousarnds) pertain to 2020: (Click the icon to view the data) The University of Chicago Press is wholly owned by the university. It performs the buik of its work for other university departments, which pay as though the press were an outside business enterprise. The press also publishes and maintains a stock of books for general sale. The press uses norrnal costing to cost each job Its job-costing system has two direct-cost categories (direct materials and direct manufacturing labor) and coe indirect-cost pool (manufacturing overhead, allocated on. the basis of direct manufacturing labor costs). The following data (in thousands) pertain to 2020. (Click the icon to view the data.) Read the recuiremenls. Requirement 2. Prepare journal entries to summarize the 2020 transactions. As your final entry, adjust for the year-end under- or overallocated manufacturng overhead as a write-off to Cost of Goods Sold. The entries have boen numbered for you, Explanations for each entry may be ornitted. (Recorid debits first, then. credits. Exclude explanations from any journal entries,) Direct materials and supplies purchased cn credit, $800. The University of Chicago Press is wholly owned by the university. It performs the bulk of its work for other university departments, which pay as though the press were an outside business enterprise. The press also publishes and maintains a stock of books for gerieral sale. The press uses normal costing to cost each job Its job-costing system has two direct-cost categories (direct materials and direct manufacturing labor) and one indirect-cost pool (manufacturing overhead, allocated on the basis of direct manufacturing labor costs). The foliowing data (in thousands) pertain to 2020. (Click the icon to vien the data.) Read the requirements. Record the direct materials used, $710. Data table Data table Depreciation on building and manufacturing equipment Miscellaneous manufacturing overhead incurred by various production departments (ordinarily would be detailed as repairs, photocopying, utilities, etc.) Manufacturing overhead allocated at 160% of direct manufacturing labor costs Cost of goods manufactured Revenues Cost of goods sold (before adjustment for under- or overallocated manufacturing overhead) 400 Inventories, December 31,2019( not 2020): Materials Control Work-in-Process Control Finished Goods Control "The term manufacturing overhead is not used uniformly. Other terms that are often encountered in printing companies include job overhead and shop overhead. Requirements 1. Identify the components of the overview diagram of the job-costing system at the University of Chicago Press. 2. Prepare journal entries to summarize the 2020 transactions. As your final entry, adjust for the year-end under-or overallocated manufacturing overhead as a write-off to Cost of Goods Sold. Number your entries. Explanations for each entry may be omitted. 3. Show posted T-accounts for all inventories, Cost of Goods Sold, Manufacturing Overhead Control, and Manufacturing Overhead Allocated. 4. How did the University of Chicago Press perform in 2020