.2. Open T-accounts for the general ledger, the Materials ledger, the Work in process ledger, and the Finished goods ledger. Insert each account balance as given, and use the reference Bal. Post the journal entries to the T-accounts using the transaction letters as a reference.3. Prepare a trial balance at June 30, 2012.4. 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.

opening balances added

Learning Stars Trial Balance June 1, 2024 Balance Debit Credit 22.000 188,000 $ Account Title Cash Accounts Receivable Inventories: Raw Materials Work-in-Process 5,300 41,500 21,300 230,000 $ Finished Goods Property, Plant, and Equipment Accumulated Depreciation Accounts Payable Wages Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Manufacturing Overhead Selling and Administrative Expenses Total 78,000 127,000 2,500 142,000 160,600 0 0 0 0 $ 508,100 $ 508,100 More Info a. Collections on account, $141,000. b. Selling and administrative expenses incurred and paid, $20,000. c. Payments on account, $43,000. d. Materials purchased on account: Paper, $25,500; indirect materials, $3,800. e. Materials requisitioned and used in production: Job 120: Paper, $ 450 Job 121: Paper, $ 7,700 Indirect materials, $ 1,300 f. Wages incurred during June, $43,000. Labor time records for the month: Job 120, $3,750; Job 121, $17,500; indirect labor, $21,750. g. Wages paid in June include the balance in the Wages Payable at May 31 plus $40,100 of wages incurred during June. h. Depreciation on plant and equipment, $3,200. i. Manufacturing overhead allocated at the predetermined overhead allocation rate of 90% of direct labor costs. j. Jobs completed during the month: Job 120 with 500,000 Large Stars at a total cost of $49,075. k. Sales on account: all of Job 120 for $105,000 1. Adjusted for overallocated or underallocated manufacturing overhead. Print Done