Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please help. i know its a lot but this is a part im so confused and so lost and confused. please make sure answer its
please help. i know its a lot but this is a part im so confused and so lost and confused. please make sure answer its not cut off. please i really need this whole thing answered.
Avery Stars produces stars for elementary teachers to reward their students. Avery Stars' trial balance on June 1 follows: Click the icon to view the trial balance.) June 1 balances in the subsidiary ledgers were as follows: (Click the icon to view the balances.) June transactions are summarized as follows: (Click the icon to view the transactions.) Read the requirements More info ons from any journal entries.) . Raw Materials Inventory subsidiary ledger Paper, $4,300; Indirect materials, $1,500 Work-in-Process Inventory subsidiary ledger: Job 120, $41,300: Job 121,50 Finished Goods Inventory subsidiary ledger: Large Stars, 99, 100, Small Stars, $13,700 X Data table Avery Stars Trial Balance June 1, 2024 Balance Debit Credit Account Title Cash $ 18,000 Accounts Receivable 175,000 Inventories: Raw Materials 5,800 Work-in-Process 41,300 Data table Work-in-Process 41,300 Finished Goods 22,800 280,000 Property, Plant, and Equipment Accumulated Depreciation $ 70,000 130,000 Accounts Payable Wages Payable 1,800 Common Stock 140,000 Retained Earnings w 201,100 Sales Revenue 0 Cost of Goods Sold 0 Manufacturina Overhead 0 - X Data table Accumulated Depreciation $ 70,000 Accounts Payable 130,000 Wages Payable 1,800 Common Stock 140,000 Retained Earnings 201,100 Sales Revenue 0 Cost of Goods Sold 0 w w Manufacturing Overhead 0 0 Selling and Administrative Expenses $ 542,900 $ 542,900 Total More info a. Collections on account, $150,000. b. Selling and administrative expenses incurred and paid, $30,000. c. Payments on account, $35,000. d. Materials purchased on account: Paper, $22,900; indirect materials, $5,000. e. Materials requisitioned and used in production: Job 120: Paper, $ 800 Job 121: Paper $ 8,050 Indirect materials, $ 1,000 f. Wages incurred during June, $42,000. Labor time records for the month Job 120, $4,750; Job 121, $18,500; indirect labor, $18,750, g. Wages paid in June include the balance in the Wages Payable at May 31 plus $40,000 of wages incurred during June. h. Depreciation on plant and equipment, $2,900. i. Manufacturing overhead allocated at the predetermined overhead allocation rate of 60% of direct labor costs. i Inhe nomolator during the month Inh 100 with 600 000 Lame Care at a total oet of $10700 More info c. Payments or account, 39,000. d. Materials purchased on account: Paper, $22,900; indirect materials, $5,000. e. Materials requisitioned and used in production: Job 120: Paper, $ 800 Job 121: Paper, $ 8,050 Indirect materials, $ 1,000 f. Wages incurred during June, $42,000. Labor time records for the month: Job 120, $4,750; Job 121, $18,500; indirect labor, $18,750. g. Wages paid in June include the balance in the Wages Payable at May 31 plus $40,000 of wages incurred durin June. h. Depreciation on plant and equipment, $2,900. i. Manufacturing overhead allocated at the predetermined overhead allocation rate of 60% of direct labor costs. j. Jobs completed during the month: Job 120 with 600,000 Large Stars at a total cost of $49,700. k. Sales on account: all of Job 120 for $110,000 1. Adjusted for overallocated or underallocated manufacturing overhead. n - 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. Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started