4-29 Job costing, journal entries. 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) $ 800 710 100 1,300 900 400 The following data (in thousands) pertain to 2017: Direct materials and supplies purchased on credit Direct materials used Indirect materials issued to various production departments Direct manufacturing labor Indirect manufacturing labor incurred by various production departments 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) Inventories, December 31, 2016 (not 2017): Materials Control Work-in-Process Control Finished Goods Control 550 2 4.120 8,000 4,020 100 60 500 Required: 1. Prepare an overview diagram of the job-costing system at the University of Chicago Press. As your final entry, dispose of