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I only need requirements 3 & 4, thank you! The University of Delaware Press is wholly owned by the university. It performs the bulk of
I only need requirements 3 & 4, thank you!
The University of Delaware 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 2017: (Click the icon to view the data.) Read the requirements. Requirement 3. Show posted T-accounts for all inventories, Cost of Goods Sold, Manufacturing Overhead Control, and Manufacturing Overhead Allocated. Post entries (1) through (11) to the accounts below, then calculate the ending balance in each account. The beginning balances have been entered, now enter the apppropriate amounts into the T-accounts from the journal entries. (For accounts with a $0 balance leave the balance line blank.) Review the journal entries from requirement 2. Work-in-Process Manufacturing Materials Control Control Overhead Control Bal. 140 || | Bal. 65 Bal. Bal. Bal. L | Bal. Bal. Bal. Bal. L Finished Goods Manufacturing Data Table 840 760 110 1,310 980 470 510 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 190% 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 ? 4,140 8,700 4,010 140 65 550 Requirements 1. Identify the components of the overview diagram of the job-costing system at the University of Delaware Press. 2. Prepare journal entries to summarize the 2017 transactions. As your final entry, dispose of the vear-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 Delaware Press perform in 2017Step by Step Solution
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