25 Jun In Final Project I, you will consider job order co
In Final Project I, you will consider job order costing and process costing for the SRS Educational Press division of the company. You will review the information provided and prepare journal entries for the inventories. Then, you will prepare a summary of the performance for the Educational Press division.Assume you are the new cost accountant at SRS. As part of your new position, you have been asked to perform a few tasks for the company’s leadership team. Refer to the case study for details on this part of the final project. Specifically, you must address the following critical elements listed below.Cost StructuresPrepare an overview diagram of the job-costing system at the SRS Educational Press.In a spreadsheet, prepare journal entries to summarize the 2017 transactions. For your final entry, dispose of the year-end under- or overallocated manufacturing overhead as a write-off to the Cost of Goods Sold account. Number your entries. Explanations for each entry may be omitted.In a spreadsheet, show posted T-accounts for all inventories and the cost of goods sold, the manufacturing overhead control, and the manufacturing overhead allocated.How was the SRS Educational Press performance in 2017? Should the company continue to have in-house press production? Did SRS accurately budget for manufacturing overhead costs? Support your answers with relevant data. Also, briefly explain how the firm can dispose of under- or overallocated overhead costs.Name at least two other products that you are familiar with that would benefit from job order costing, and briefly explain how they would benefit.Final Project I Rubric Guidelines for Submission: Complete the overview diagram for Item A of Section I using a program of your choice. Then, copy and paste it into the appropriate tab of the Final Project Part I Student Workbook in Excel. Compete items B and C in the workbook. Submit a 1- to 2-page response to items D and E as a Word document.
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