1.	Journalize the transactions for the company.
2.	T-accounts for the general ledger, the Raw Materials Inventory subsidiary ledger, the Work-in-Process Inventory subsidiary ledger, and the Finished Goods Inventory subsidiary ledger have been opened for you along with each account's balance as given. Post the journal entries to the T-accounts using the transaction letters as a reference.
3.	Prepare a trial balance at June 30, 2024.
4.	Use the Work-in-Process Inventory T-account to prepare a schedule of cost of goods manufactured for the month of June.
5.	Prepare an income statement for the month of June.

a. Collections on account,

$153,000.

b. Selling and administrative expenses incurred and paid,

$27,000.

c. Payments on account,

$43,000.

d. Materials purchased on account: Paper,

$20,000;

indirect materials,

$3,300.

e. Materials requisitioned and used in production:

Job 120: Paper,	$600
Job 121: Paper,	$7,600
Indirect materials,	$1,900

f. Wages incurred during

June,

$42,000.

Labor time records for the month: Job 120,

$3,500;

Job 121,

$19,200;

indirect labor,

$19,300.

g. Wages paid in

June

include the balance in the Wages Payable at

May

31

plus

$39,000

of wages incurred during

June.

h. Depreciation on plant and equipment,

$3,200.

i. Manufacturing overhead allocated at the predetermined overhead allocation rate of

80%

of direct labor costs.

j. Jobs completed during the month: Job 120 with

800,000

Large Stars at a total cost of

$47,900.

k. Sales on account: all of Job 120 for

$130,000.

l. Adjusted for overallocated or underallocated manufacturing overhead.

Lone Stars
Trial Balance
June 1, 2024
	Balance
Account Title	Debit	Credit
Cash	$16,000
Accounts Receivable	165,000
Inventories:
Raw Materials	5,400
Work-in-Process	41,000
Finished Goods	22,800
Property, Plant, and Equipment	200,000
Accumulated Depreciation		$72,000
Accounts Payable		131,000
Wages Payable		2,000
Common Stock		142,000
Retained Earnings		103,200
Sales Revenue		0
Cost of Goods Sold	0
Manufacturing Overhead	0
Selling and Administrative Expenses	0
Total	$450,200	$450,200

Raw Materials Inventory subsidiary ledger: Paper, $4,400; indirect materials, $1,00

Work-in-Process Inventory subsidiary ledger: Job 120, $41,000; Job 121, $

Finished Goods Inventory subsidiary ledger: Large Stars, $9,700; Small Stars, $13,100