Barney Incorporated is a printing company. The company 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 2019:

Required:

1. Prepare journal entries to summarize the 2019 transactions. As your final entry, dispose of 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.

2. Show posted T-accounts for all inventories, Cost of Goods Sold, Manufacturing Overhead Control, and Manufacturing Overhead Allocated.

3. How did the company perform in 2019?

VAAVAA 815 705 98 1.400 800 S S $ 390 500 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. ctc. Manufacturing overhead allocated at 150% of direct manufacturing labor costs Costs of goods manufactured Revenues Cost of goods sold (before adjustment for under - overallocated manufacturing overhead) Inventories. December 31, 2018(not 2019) Materials Control Work-in-Process Control Finished Goods Control ? S S $ 4,200 7.800 3.950 S S. S 100 60 500