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PR \#4 JOB COSTING, JOURNAL ENTRIES INSTRUCTIONS Requirement 1 Requirement 2 Requirement 3 Use the data below to prepare a set of journal entries for The University of Chicago Press. Use T-accounts to input beginning balances and current period postings to calculate the ending balances for the three inventory and the cost of goods sold accounts. As the cost analyst, evaluate the performance of The University of Chicago Press during 2022. 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 for each job. The following data (in thousands) are for production during 2022: JE1 Materials purchased on credit $800 JE2 Direct materials used 710 JE2 Indirect materials issued to various production departments 100 JE3 Direct manufacturing labor 1,300 JE3 Indirect manufacturing labor incurred by various production departments 900 JE4 Depreciation on manufacturing equipment 400 JE4 Miscellaneous manufacturing overhead incurred by various production departments (ordinarily would be detailed as repairs, photocopying, utilities, etc.) 550 JE5 Manufacturing overhead allocated at 160% of direct manufacturing labor costs JE6 Cost of goods manufactured 4,120 JE7 a and b Revenues 8,000 JE8 Close manufacturing overhead accounts to cost of goods sold tat the end of the period Cost of goods sold (before adjustment for under-or overallocated manufacturing overhead) 4,020 Beginning inventories: Materials inventory 100 Work-in-Process inventory 60 Finished Goods inventory 500 1. Prepare journal entries to summarize the 2022 transactions. As your final entry JE8, dispose of the year-end under- or overallocated manufacturing overhead as a write-off to Cost of Goods Sold. Explanations have been provided for each journal entry below. SET OF JOURNAL ENTRIES JE1 DR CR To record the purchase of materials on account. JE2 DR DR CR To record the requisition of direct and indirect materials for production. JE3 DR DR CR To record direct and indirect labor for the period. JE4 DR CR CR To record actual manufacturing overhead for the period. JE5 DR CR To record allocated manufacturing overhead for the period. JE6 DR CR To record cost of goods manufactured for the period. JE7a DR CR To record sales revenue for the period. JE7b DR CR JE8 DR CR CR To record cost of goods sold for the period. 2. Show ending balances for all inventory accounts and for Cost of Goods Sold. NOTE: If you used a separate account for actual and for applied manufacturing overhead, To close manufacturing overhead to cost of goods sold at the end of the period. there will be an additional CR account title and figure for JE8. \begin{tabular}{|l|l|l|l|l|l|} \hline & & & \\ \hline Materials Inventory & & & \\ \hline WIP Inventory & & \\ \hline Finished Goods Inventory \\ \hline Cost of Goods Sold & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} EVALUATION OF THE UNIVERSITY OF CHICAGO PRESS FOR 2022 3. How did the University of Chicago Press perform in 2022 ? Use T-accounts to calculate the ending balances for the three inventory accounts and for cost of goods sold for this period