Details of this Paper

The University of Chicago Press Job costing

Description

solution


Question

Question;The University of Chicago Press Job costing, journal entries. 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 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 2008.;*The term manufacturing overhead is not used uniformly. Other terms that are;often encountered in printing companies include lob overhead and shop overhead.;1. Prepare an overview diagram of the job-costing system at the University of;Chicago Press.;2. Prepare journal entries to summarize the 2009 transactions. As your final;entry, dispose of the year-end under- or over allocated 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.

 

Paper#37579 | Written in 18-Jul-2015

Price : $43
SiteLock