Now record the cost of goods sold related to the sale of all of Job 120. Date Accounts Debit Credit k. Data Table More Info Sneeches Stars Trial Balance Raw Materials Inventory subsidiary ledger: Paper, $4,100; indirect materials, $1,600 Work-in-Process Inventory subsidiary ledger: Job 120, $39,500; Job 121, $0 Finished Goods Inventory subsidiary ledger: Large Stars, $8,900; Small Stars, $13,900 I. Adjusted for overallocated or underallocated manufacturing overhead. June 1, 2024 Date Accounts Debit Credit Balance 1. Account Title Debit Credit Cash $ 15.000 Print Done 170,000 Accounts Receivable Inventories: Raw Materials 5.700 le as given Post the journal entries to the Laccounts using the transaction letters as a reference 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 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 Review the journal entries you prepared in Requirement 1 Work-in-Process 39,500 For a - X More Info 22,800 210,000 Cash Accounts Receivable Raw Materials Inventory 76,000 Bal 15,000 Bal. 170,000 Bal 5,700 Finished Goods Property, Plant, and Equipment Accumulated Depreciation Accounts Payable Wages Payable Common Stock Retained Earnings 126,000 1,800 144,000 115,200 Sales Revenue 0 a. Collections on account, $153,000. b. Selling and administrative expenses incurred and paid, $27,000. c. Payments on account, $43,000. d. Materials purchased on account: Paper, $20,000; indirect materials, $5,000. e. Materials requisitioned and used in production: Job 120: Paper $ 600 Job 121: Paper, $ 7,600 Indirect materials, $ 1.700 f. Wages incurred during June, $38,000. Labor time records for the month: Job 120, $4,500; Job 121, $19,000; indirect labor, $14,500 g. Wages paid in June include the balance in the Wages Payable at May 31 plus $35,000 of wages incurred during June h. Depreciation on plant and equipment, $2,900. 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 200,000 Large Stars at a total cost of $48,200. k. Sales on account: all of Job 120 for $100,000. I. Adjusted for overallocated or underallocated manufacturing overhead. 0 Finished Goods Inventory Work-in-Process Inventory 39,500 Property, Plant, and Equipment Bal. 210,000 Bal Bal. 22,800 Cost of Goods Sold Manufacturing Overhead Selling and Administrative Expenses 0 0 $ 463,000 $ 463,000 Total Print Done Accumulated Depreciation 76,000 Bal. Accounts Payable 126.000 Bal. Wages Payable 1,800 Bal. Print Done