PR.4 JOB COSTING, JOURNAL ENTRIES SHOW ALL WORK FOR PR4 ON THIS TAD The University of Chicago Press is wholly owned by the university It performs the buk of its work for other university departments, which pay as though the pres were an outside business enterprise. pertain to 2018: The press also publishes and maintains a stockofbook for general sale. The pressures normalcasting to cost cachjob. itsjob costing system has two direct costcategories (direct materials and direct manufacturing labor) and one indirect cost pool(manufacturing ovenhead, alocated on the basis of direct manufacturing labor costs). The following data in thousands) JEl Direct materials and supples purchased on credit $800 JE2 Direct materials used 710 JE2 Indirect materials issued to various production departments 100 1E3 Direct manufacturing labor 1.300 JE3 Indirect manufacturing hbor incurred by various production de partments 900 JE4 Depreciation on building and manufacturing equipment 400 JE4 Miscellaneous manufacturing overhead incurred by various production departments (ordinarily would be detailed as repairs, photocopying utilities, etc.) 550 IES Manufacturing overhead allocated at 150% of direct manufacturing labor costs? JES Cost of goods manufactured 4,120 JE7 Revenues 8,000 Cost of goods sold (before adjustment forunder oroverallocated manufacturing overhead 4,020 Inventories, December 31, 2017 inot 2018): Materials Control 100 Work in Process Controllo Finished Goods Controls00 1. Prepare journal entries to summarize the 2018 transactions. As your final entry.EX, dispose of the year and under or overallocated manufacturing overhead as a writeoffto Castof Goods Sold. Number your entries. Explanations for each entry may be omitted. JEI To record the purchase of materiak on account. JEZ To record the requisition of direct and indirect materials for production JE3 To record diect and indirect labor farthe period. JE4 To record actual manufacturing overhead for the period. JES To record allocated manufacturing overhead for the period. JE6 To record cost of goods manufctured for the period. JETS To record sales revenue for the period. JET To record cost of goods sold for the period. JES To close manufacturing overhead to cost of goods sold at the end of the period. 2. Show ending balances for all inventories accounts and Cost of Goods Sold. ENDING BALANCES Materials inventory WIP Inventory Finished Goods Inventory Cast of Goods Sold 3. How did the University of Chicago Press perform in 2018