The University of Manchester 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 Journal Entry Accounts Debit Credit Data Table - (In thousands) 4,040 (10) Cost of Goods Sold Finished Goods Control 4,040 Dispose of the year-end under-or overallocated manufacturing overhead. -- Journal Entry Accounts Debit Credit (In thousands) (11) 2.3789 Manufacturing Overhead Allocated Manufacturing Overhead Control Cost of Goods Sold 2,0401 336 Direct materials and supplies purchased on credit $ 890 Direct materials used 760 Indirect materials issued to various production departments 110 Direct manufacturing labor 1,320 Indirect manufacturing labor incurred by various production departments 930 Depreciation on building and manufacturing equipment 480 Miscellaneous manufacturing overhead incurred by various production departments (ordinarily would be detailed as repairs, photocopying, utilities, etc.) 520 Manufacturing overhead allocated at 180% of direct manufacturing labor costs ? Cost of goods manufactured 4,130 Revenues 8,200 Cost of goods sold (before adjustment for under-or overallocated manufacturing overhead) 4,040 Inventories, December 31, 2018 (not 2017): Materials Control 190 Work-in-Process Control 75 Finished Goods Control 540 "The term manufacturing overhead is not used uniformly. Other terms that are often encountered in printing companies include job overhead and shop overhead. 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 Review the journal entries from requirement 2. Work-in-Process Control Manufacturing Overhead Control Materials Control Bal. 190 Bal. 75 * Requirements 760 1101 Print Done 890 Bal 1080 870 Bal Bal Bal. Bal. Bal 1. Identify the components of the overview diagram of the job-costing system at the University of Manchester Press. 2. Prepare journal entries to summarize the 2017 transactions. As your final entry, dispose of 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 Manchester Press perform in 2017? Finished Goods Control Manufacturing Overhead Allocated Cost of Goods Sold Bal. 540 Print Done Bal. Bal. Bal. Bal. Bal. Bal. The University of Manchester 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 Journal Entry Accounts Debit Credit Data Table - (In thousands) 4,040 (10) Cost of Goods Sold Finished Goods Control 4,040 Dispose of the year-end under-or overallocated manufacturing overhead. -- Journal Entry Accounts Debit Credit (In thousands) (11) 2.3789 Manufacturing Overhead Allocated Manufacturing Overhead Control Cost of Goods Sold 2,0401 336 Direct materials and supplies purchased on credit $ 890 Direct materials used 760 Indirect materials issued to various production departments 110 Direct manufacturing labor 1,320 Indirect manufacturing labor incurred by various production departments 930 Depreciation on building and manufacturing equipment 480 Miscellaneous manufacturing overhead incurred by various production departments (ordinarily would be detailed as repairs, photocopying, utilities, etc.) 520 Manufacturing overhead allocated at 180% of direct manufacturing labor costs ? Cost of goods manufactured 4,130 Revenues 8,200 Cost of goods sold (before adjustment for under-or overallocated manufacturing overhead) 4,040 Inventories, December 31, 2018 (not 2017): Materials Control 190 Work-in-Process Control 75 Finished Goods Control 540 "The term manufacturing overhead is not used uniformly. Other terms that are often encountered in printing companies include job overhead and shop overhead. 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 Review the journal entries from requirement 2. Work-in-Process Control Manufacturing Overhead Control Materials Control Bal. 190 Bal. 75 * Requirements 760 1101 Print Done 890 Bal 1080 870 Bal Bal Bal. Bal. Bal 1. Identify the components of the overview diagram of the job-costing system at the University of Manchester Press. 2. Prepare journal entries to summarize the 2017 transactions. As your final entry, dispose of 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 Manchester Press perform in 2017? Finished Goods Control Manufacturing Overhead Allocated Cost of Goods Sold Bal. 540 Print Done Bal. Bal. Bal. Bal. Bal. Bal