02 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 general 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 following data (in thousands) pertain to 2014: 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 (ordinarily would be detailed as repairs, photocopying utilities, etc.) 550 Manufacturing overhead allocated at 160% of direct manufacturing labor costs (You find it?) Cost of goods manufactured 4,120 Revenues 8,000 Cost of goods sold (before adjustment for under- or over allocated manufacturing overhead) 4,020 Inventories, December 31, 2013 (not 2014) Materials Control 100 Work-in-Process Control 60 Finished Goods Control 500 Prepare an overview T-accounts diagram of the job-costing system at the University of Chicago Press. 2 of 2