a. Collections on account, $140,000. b. Selling and administrative expenses incurred and paid, $24,000. c. Payments on account, $39,000. d. Materials purchased on account: Paper, $23,300; indirect materials, $4,200. e. Materials requisitioned and used in production: Job 120: Paper, $ 850 Job 121: Paper, $ 8,050 Indirect materials, $ 1,900 f. Wages incurred during June, $38,000. Labor time records for the month: Job 120, $3,250; Job 121, $18,800; indirect labor, $15,950. g. Wages paid in June include the balance in the Wages Payable at May 31 plus $36,700 of wages incurred during June. h. Depreciation on plant and equipment, $2,500. i. j. Manufacturing overhead allocated at the predetermined overhead allocation rate of 50% of direct labor cost. Jobs completed during the month: Job 120 with 700,000 Large Stars at a total cost of $46,725. k. Sales on account: all of Job 120 for $104,000. I. Adjusted for overallocated or underallocated manufacturing overhead. Data table Teacher Stars Trial Balance June 1, 2016 Balance Account Title Debit Credit Cash $ 16,000 Accounts Receivable 185,000 Inventories: Raw Materials 5,900 Work-in-Process 41,000 Finished Goods 22,800 Plant Assets 250,000 Accumulated Depreciation $ 70,000 Accounts Payable 126,000 Wages Payable 2,600 Common Stock Retained Earnings Sales Revenue Cost of Goods Sold 139,000 183,100 Manufacturing Overhead Selling and Administrative Expenses Total $ 520,700 $ 520,700 Print Done More info a. Collections on account, $140,000. b. Selling and administrative expenses incurred and paid, $24,000. c. Payments on account, $39,000. d. Materials purchased on account: Paper, $23,300; indirect materials, $4,200. e. Materials requisitioned and used in production: Job 120: Paper, $ 850 Job 121: Paper, $ 8,050 Indirect materials, $ 1,900 f. Wages incurred during June, $38,000. Labor time records for the month: Job 120, $3,250; Job 121, $18,800; indirect labor, $15,950. g. Wages paid in June include the balance in the Wages Payable at May 31 plus $36,700 of wages incurred during June. h. Depreciation on plant and equipment, $2,500. i. Manufacturing overhead allocated at the predetermined overhead allocation rate of 50% of direct labor cost. j. Jobs completed during the month: Job 120 with 700,000 Large Stars at a total cost of $46,725. k. Sales on account: all of Job 120 for $104,000. I. Adjusted for overallocated or underallocated manufacturing overhead. Print Done - More info Raw Materials Inventory subsidiary ledger: Paper, $4,000; indirect materials, $1,900 Work-in-Process Inventory subsidiary ledger: Job 120, $41,000; Job 121, $0 Finished Goods Inventory subsidiary ledger: Large Stars, $9,700; Small Stars, $13,100 Print Done Requirements 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, 2016. 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. Print Done Teacher Stars produces stars for elementary teachers to reward their students. Teacher Stars' trial balance on June 1 follows: (Click the icon to view the trial balance.) June 1 balances in the subsidiary ledgers were as follows: i (Click the icon to view the balances.) June transactions are summarized as follows: i (Click the icon to view the transactions.) Read the requirements. ... Reference 24,000 Selling and Administrative Expenses Work-in-Process Inventory $ 614,400 $ 614,400 Bal. 41,000 Total 46,725 (j) (e) 8,900 Requirement 4. Use the Work-in-Process Inventory T-account to prepare a schedule of cost of goods manufactured for the month of June. (f) 22,050 Review the Work-In-Process Inventory_general ledger account you prepared in Requirement 2. Review the Raw Materials Inventory_general ledger account you prepared in Requirement 2. (i) 11,025 Bal. 36,250 Teacher Stars Schedule of Cost of Goods Manufactured Month Ended June 30, 2016 Beginning Work-in-Process Inventory Total Manufacturing Costs Incurred during the Month Direct Materials Used Direct Labor Manufacturing Overhead Allocated 41000 Reference Raw Materials Inventory Bal. 5,900 (d) 27,500 Bal. 22,600 10,800 (e) Print Done - -