Avery Stars produces stars for elementary teachers to reward their students. Avery 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: (Click the icon to view the balances.) Requirement 1. Journalize the transactions for the company. (Record debits first, then credits. Exclude explanations from anviournalentries ) a. Collections on account, $155,000 More info - Raw Materials Inventory subsidiary ledger: Paper, $4,400; indirect materials, $1,500 - Work-in-Process Inventory subsidiary ledger: Job 120, $39,400; Job 121, $0 - Finished Goods Inventory subsidiary ledger: Large Stars, $9,500; Small Stars, $11,800 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 30,2018 . 4. Use the Work-in-Process Inventory T-account to prepare a schedule of cost of goods manufactured for the month of June. Get more help - 5. Prepare an income statement for the month of June. a. Collections on account, $155,000. b. Selling and administrative expenses incurred and paid, $27,000. c. Payments on account, $40,000. d. Materials purchased on account: Paper, $23,300; indirect materials, $4,800. e. Materials requisitioned and used in production: f. Wages incurred during June, $37,000. Labor time records for the month: Job 120, $3,750; Job 121,$16,500; indirect labor, $16,750. g. Wages paid in June include the balance in the Wages Payable at May 31 plus $34,300 of wages incurred during June. h. Depreciation on plant and equipment, $3,000. 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 100,000 Large Stars at a total cost of $47,175. k. Sales on account: all of Job 120 for $115,000. I. Adjusted for overallocated or underallocated manufacturing overhead. Data table