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- Data Table (6) - Record 2 Direct materials and supplies purchased on credit 890 Direct materials used 750 Indirect materials issued to various production departments 170 Direct manufacturing labor 1.360 Indirect manufacturing Inbor incurred by various production departments 950 Depreciation on building and manufacturing equipment 470 Miscellaneous manufacturing overhead" incurred by various production departments (ordinarily would be detailed as repairs, photocopying, utilities, etc.) 560 I Manulacturing overhead allocated at 100% of direct manufacturing labor costs Cont of goods manufactured 4,180 Revenues 8,700 Cost of goods sold (before adjustment for under or overallocated manufacturing overhead) 4,040 Inventodes, December 31, 2019 (not 2020) Materials Control 130 Work In Process Control 65 Finished Goods Control 580 *The term manufacturing overhead is not used uniformly Other terms that are often encountered in printing companies indude job overhead and shop overhead (7) Hel ver in (Cod Print Done *** X Requirements 1. Identify the components of the overview diagram of the job-costing system at the University of Concord 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 Concord Press perform in 2020? Print Done are jour Cool e This Clear All e Text Pages Get More Help - ER STOP The University of Concord 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 indirec-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 comico ke Journal Entry Accounts Debit Credit (6) Manufacturing Overhead Control Miscellaneous Accounts (in thousands) 560 om 560 220 29 Record the allocation of the manufacturing overhead Journal Entry Accounts 18 Debit Credit (in thousands) Work in Process Control Manufacturing Overhead Control Help Me Solve This Text Pages Get More Help Clear All Check Answer change Job-col the bal Read st Workel urrent Scd ttempts (6) Direct materials and supplies purchased on credit 5 890 Direct materials used 750 Indirect material issued to various production departments 170 Direct manufacturing labor 1.360 Indirect manufacturing labor incurred by various production departments 950 Depreciation on building and manufacturing equipment 470 Miscellaneous manufacturing overhead incurred by various prodution departments fordinarily would be detailed as repairs, photocopying, utilities, etc.) 560 Manufacturing overhead allocated at 180% of direct manufacturing labor costs 2 4180 Cost of goods manufactured Revenues 8,700 4,040 Cost of goods sold before adjustment for under or overallocated manufacturing overhead) Inventores December 31, 2015 tot 2020) 130 Materials Control Work in Process Control 65 500 Finished Goods Control The term manufacturing overhead is not ned uniformly Other forms that are often encountered in printing companies cate Submit Reco E4-22 (b * 4:29 (5 07 OK