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 tock 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 n the basis of direct manufacturing labor costs). The following data (in thousands) pertain to 2020: (Click the icon to view the data.) i Data Table Read the requirements. equirement 1. Identify the components of the overview diagram of the job-costing system at the University of C Direct materials and supplies purchased on credit 800 A B Direct materials used 710 B Indirect materials issued to various production departments 100 Direct manufacturing labor 1,300 Indirect manufacturing labor incurred by various production departments 900 C D Depreciation on building and manufacturing equipment 400 Miscellaneous manufacturing overhead* incurred by various production departments (ordinarily would be detailed as repairs, photocopying, utilities, etc.) 550 Manufacturing overhead allocated at 160% of direct manufacturing labor costs E Cost of goods manufactured 4,120 G Revenues 8,000 Cost of goods sold (before adjustment for under- or overallocated manufacturing overhead) 4,020 Inventories, December 31, 2019 (not 2020): Materials Control 100 Work-in-Process Control 60 quirement 2. Prepare journal entries to summarize the 2020 transactions. As your final entry, adjust for the ye Finished Goods Control 500 U. Explanations for each entry may be omitted. (Record debits first, then credits. Exclude explanations from any The term manufacturing overhead is not used uniformly. Other terms that are often encountered in printing companies ect materials and supplies purchased on credit, $800. include job overhead and shop overhead. Journal Entry Print Done ose from any list or enter any number in the input fields and then continue to the next question. ript:doExercise(27)