Question Help 0 More Info trial balance on June 1 follows: June transactions are summarized as follo (Click the icon to view the transactions A Data Table Raw Materials Inventory subsidiary ledger: Paper, $4,600; indirect materials, $1,300 Work-in-Process Inventory subsidiary ledger: Job 120, $41,000; Job 121, $0 Finished Goods Inventory subsidiary ledger: Large Stars, $9,600; Small Star $11,900 A Requirements Trial Balance June 1, 2018 0 More Info Account Title Balance Debit Credit 17,000 170,000 Cash $ Accounts Receivable 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, 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. a. Collections on account, $155,000. b. Selling and administrative expenses incurred and paid, $33,000. c. Payments on account, $35,000. d. Materials purchased on account: Paper, $21,000; indirect materials, $4,300. e. Materials requisitioned and used in production: Inventories: Raw Materials 5,900 Work-in-Process 41,000 Finished Goods 21,500 260,000 Print Done Job 120: Paper, $ 900 Job 121: Paper, $ 7,950 Indirect materials, $ 1,600 f. Wages incurred during June, $41,000. Labor time records for the month: Job 120, $4,750; Job 121, $17,500; indirect labor, $18,750. g. Wages paid in June include the balance in the Wages Payable at May 31 plus $38,300 of wages incurred during June. h. Depreciation on plant and equipment, $2,700. i. Manufacturing overhead allocated at the predetermined overhead allocation rate of 50% of direct labor costs. j. Jobs completed during the month: Job 120 with 800,000 Large Stars at a total cost of $49,025. k. Sales on account: all of Job 120 for $105,000. I. Adjusted for overallocated or underallocated manufacturing overhead. Property, Plant, and Equipment Accumulated Depreciation Accounts Payable Wages Payable Common Stock Retained Earnings Sales Revenue Cost of Goods Sold Manufacturing Overhead 73,000 129,000 3,300 142,000 168,100 Selling and Administrative Expenses $ 515,400 $ 515,400 Total Print Done Print Done Clear All To remaining