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help please :) Kid Stars produces stars for elementary teachers to reward their students. Kid Stars' trial balance on June 1 follows: June 1 balances
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Kid Stars produces stars for elementary teachers to reward their students. Kid Stars' trial balance on June 1 follows: June 1 balances in the subsidiary ledgers were as follows: a. Collections on account, $155,000. b. Selling and administrative expenses incurred and paid. $24,000. c. Payments on account. $44,000. d. Materials purchased on account: Paper, $23, 300; indirect materials, $5, 100. e. Materials requisitioned and used in production: f. Wages incurred during June, $41,000. Labor time records for the month: Job 120, $3, 500; Job 121, $18, 300; indirect labor, $19, 200. g. Wages paid in June include the balance in the Wages Payable at May 31 plus $38,000 of wages incurred during June. h. Depreciation on plant and equipment. S3.100. i. Manufacturing overhead allocated at the predetermined overhead allocation rate of 60% of direct labor cost. j. Jobs completed during the month: Job 120 with 800.000 Large Stars at a total cost of S47.550. k. Sales on account: all of Job 120 for $110,000. l. Adjusted for overallocated or underallocated manufacturing overhead. Kid Stars produces stars for elementary teachers to reward their students. Kid Stars' trial balance on June 1 follows: June 1 balances in the subsidiary ledgers were as follows: 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.)Step by Step Solution
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