please do all the requirements in excel format. if you could explain how you got some numbers to help me learn it better that would be great. thank you!

-mighty stars produces stars for elementary teachers to award their students-

Transcribed image text: P17-32A. Preparing comprehensive accounting for manufacturing transactions Mighty San produces stans for elanentary teichers to rewand their etudents. Mighty Stars' trial balance on june 1 follows: June 1 balances in the subsidiary ledgers were as follows: - Raw Materials Inventory subsidiary ledger: Paper, $4,000, indirect materials, $2,000 - Work-in-Process Inventory subsidiary ledger: Job 120,$40,000; job 121,$0 - Finished Goods Inventory subsidiary ledger: Large Stars, \$9,900; Small Stars, $10,500 June transactions are summarized as follows: a. Collections on account, $145,000. b. Selling and administrative expenses incurred and paid, $32,000. c. Payments on account, 539,000 . d. Materials purchases on account Paper, $24,000; indirect materials, $4,200. e. Materials requisitioned and used in production: f. Wages incurred during June, $39,000. Labor time records for the month: Job 120 , $3,600; Job 121,$17,000; indirect labor, $18,400. g. Wages paid in June include the balance in Wages Payable at May 31 plus $36,100 of wages incurred during June. h. Depreciation on plant and equipment, $2,500. 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 700,000 Large Stars at a total cost of $47,430. k. Sales on account: all of Job 120 for $104,000. 1. Adjusted for overallocated or underallocated manufacturing overhead. Requirements 1. Journalize the transactions for the company. 2. Open 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. Insert each account balance as given, and use the reference Bal. 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. 5. Prepare an income statement for the month of June