Data table oint(s) possible I: 1 point(s) possible St are summarized as follows: to view the transactions.) hents. explanations from any journal entr More info a. Collections on account, $152,000. b. Selling and administrative expenses incurred and paid, $20,000. c. Payments on account, $35,000. d. Materials purchased on account: Paper, $20,000; indirect materials, $4,100. e. Materials requisitioned and used in production: f. Wages incurred during June, $40,000. Labor time records for the month: Job 120, $3,250; Job 121, $16,600; indirect labor, $20,150. g. Wages paid in June include the balance in the Wages Payable at May 31 plus $37,000 of wages incurred during June. h. Depreciation on plant and equipment, $3,000. 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 100,000 Large Stars at a total cost of $47,650. k. Sales on account: all of Job 120 for $115,000. I. Adjusted for overallocated or underallocated manufacturing overhead. Post the transactions to the Raw Materials Inventory subsidiary ledger accounts. Key each transaction by transaction letter, and calculate the ending balance, "Bal." of each account. (Combine the entries for transaction (e) into one posting.) Post the transactions to the Work-in-Process Inventory subsidiary ledger accounts. Key each transaction by transaction letter, and calculate the ending balance "Bal." of each account. (For accounts with a zero balance, enter a "0" along with a "Bal." reference on the normal side of the T-account.) Post the transactions to the Finished Goods Inventory subsidiary ledger accounts. Key each transaction by transaction letter, and calculate the ending balance "Bal." of each account. Requirement 5. Prepare an income statement for the month of June. Review the trial balance you prepared in Requirement 3. Review the journal entry for underallocated manufacturing overhead you prepared in Requirement 1. Requirement 4. Use the Work-in-Process Inventory T-account to prepare a schedule of cost of goods manufactured for the month of June. Review the Work-In-Process Inventory general ledger account you prepared in Requirement 2. Requirement 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. Begin with posting the transactions to the general ledger accounts. Key each transaction by transaction letter, and calculate the ending balance of each account. (Post each entry by entering only one debit or credit to each T-account affected by the transaction. For accounts with a zero balance, enter a "0" along with a "Bal." reference on the normal side of the T-account.)