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 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: B (Click the icon to view the data.) Read the requirements. Requirement 1. Identify the components of the overview diagram of the job-costing system at the University of Chicago Press. o} Direct Costs LLUI "} - Direct Manufacturing Labor - i Data Table - X Direct materials and supplies purchased on credit $ 810 Direct materials used 710 130 1,300 930 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 170% of direct manufacturing labor costs 410 520 Cost of goods manufactured 4,100 Revenues 8,000 Cost of goods sold (before adjustment for under- or overallocated manufacturing overhead) 4,060 Inventories, December 31, 2016 (not 2017): Materials Control 130 Work-in-Process Control 75 Finished Goods Control 570 *The term manufacturing overhead is not used uniformly. Other terms that are often encountered in printing companies include job overhead and shop overhead. Print Print Done Done i Requirements - X less. 1. Identify the components of the overview diagram of the job-costing system at the University of Chicago 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. Show posted T-accounts for all inventories, Cost of Goods Sold, Manufacturing Overhead Control, and Manufacturing Overhead Allocated. 4. How did the University of Chicago Press perform in 2017? 3. Print Done Direct Manuracturing Labor