Stella Stars produces stars for elementary teachers to reward their students. Stella Stars' trial balance on June 1follows:

Account Title

Cash Debit 20,000

Accounts Receivable Debit 155,000

Inventories:

Raw Materiels Debit 6,100

Work-In-Process Debit 40,500

Finished Goods Debit 22,200

Property, Plant, and Equipment Debit 210,000

Accumulated Depreciation Credit 72,000

Accounts Payable Credit 126,000

Wages Payable Credit 2,900

Common Stock Credit 138,000

Retained Earnings Credit 114,900

Sales Revenue Credit 0

Cost of Goods Sold Debit 0

Manufacturing Overhead Debit 0

Selling and Administrative Debit 0

Total Debit 453,800

Total Debit 453,800

More Info

a. Collections onaccount, $140,000.

b. Selling and administrative expenses incurred andpaid, $15,000.

c. Payments onaccount, $41,000.

d. Materials purchased onaccount: Paper, $21,600; indirectmaterials, $4,300.

e. Materials requisitioned and used inproduction:

Job 120: Paper $ 700

Job 121: Paper $ 7,750

Indirect materials, $ 1,500

f. Wages incurred during June, $34,000. Labor time records for themonth: Job120, $3,500; Job121, $17,250; indirectlabor, $13,250.

g. Wages paid in June include the balance in the Wages Payable at May 31 plus $32,200 of wages incurred during June.

h. Depreciation on plant andequipment, $2,700.

i. Manufacturing overhead allocated at the predetermined overhead allocation rate of 50% of direct labor costs.

j. Jobs completed during themonth: Job 120 with 100,000 Large Stars at a total cost of $46,450.

k. Sales onaccount: all of Job 120 for $125,000.

l. Adjusted for overallocated or underallocated manufacturing overhead.

Requirements

1. Journalize the transactions for the company.

Requirement 1. Journalize the transactions for the company. (Record debitsfirst, then credits. Exclude explanations from any journalentries.)

a. Collections onaccount, $140,000

2. T-accounts for the generalledger, the Raw Materials Inventory subsidiaryledger, theWork-in-Process Inventory subsidiaryledger, and the Finished Goods Inventory subsidiary ledger have been opened for you along with eachaccount's balance as given. Post the journal entries to theT-accounts using the transaction letters as a reference.

3. Prepare the trial balance at June 30, 2024.

4. Use theWork-in-Process InventoryT-account to prepare the schedule of cost of goods manufactured for the month of June.

5. Prepare the income statement for the month of June.