Accounting 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 2020: Direct materials used 710 Indirect materials used 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 550 departments (ordinarily 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 4,020 overhead) 1. Prepare an overview diagram of the job-costing system at the Accounting Press. 2. Prepare journal entries to summarize the 2020 transactions. As your final entry, dispose of the year end under- or overallocated manufacturing overhead as a write off to COGS. Explanations for each entry may be omitted