Learning Stars Account Title Cash Trial Balance 1-Jun-24 Accounts Receivable Inventories: Raw Materials Work-in-Process 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 Balance Credit Debit $18,000 150,000 5,900 40,500 21,100 260,000 $69,000 126,000 2,000 147,000 151,500 0 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, 2024. 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. Balances: Raw Materials Inventory subsidiary ledger: Paper, $4,100; indirect materials, $1,800 Work-in-Process Inventory subsidiary ledger: Job 120, $40,500; Job 121, SO Finished Goods Inventory subsidiary ledger: Large Stars, $9,100; Small Stars, $12,000 0 0 0 $495,500 $495,500 Transactions: Collections on account, $153,000. Selling and administrative expenses incurred and paid, $28,000. Payments on account, $40,000. Materials purchased on account: Paper, $23,300; indirect materials, $5,000. Materials requisitioned and used in production: Job 120: Paper, $ 900 Job 121: Paper, $ 7,600 Indirect materials, $2,000 Wages incurred during June, $38,000. Labor time records for the month: Job 120, $4,250; Job 121, $17,250; indirect labor, $14,500. Wages paid in June include the balance in the Wages Payable at May 31 plus $34,500 of wages incurred during June. Depreciation on plant and equipment, $2,800. Manufacturing overhead allocated at the predetermined overhead allocation rate of 50% of direct labor costs. Jobs completed during the month: Job 120 with 900,000 Large Stars at a total cost of $47,775. Sales on account: all of Job 120 for $105,000. Adjusted for overallocated or underallocated manufacturing overhead.