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Twinkle Stars produces stars for elementary teachers to reward their students. Twinkle Stars' trial balance on June 1, 2025 follows: View the trial balance. Read

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image text in transcribed Twinkle Stars produces stars for elementary teachers to reward their students. Twinkle Stars' trial balance on June 1, 2025 follows: View the trial balance. Read the requirements. Trial balance Subsidiary ledger balances - Raw Materials Inventory subsidiary ledger: Paper, $4,700; indirect materials, $1,000 - Work-in-Process Inventory subsidiary ledger: Job 120, \$39,400; Job 121, $0 - Finished Goods Inventory subsidiary ledger: Large Stars, $9,400; Small Stars, $11,000 Transactions a. Collections on account, $152,000. b. Selling and administrative expenses incurred and paid, $28,000. c. Payments on account, $36,000. d. Materials purchased on account: Paper, $22,900; indirect materials, $3,800. e. Materials requisitioned and used in production: f. Wages incurred during June, $35,000. Labor time records for the month: Job 120, $3,500; Job 121, $16,600; indirect labor, $14,900. 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 and equipment, $2,600. 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 300,000 Large Stars at a total cost of $45,500. k. Sales on account: all of Job 120 for $111,000. I. Adjusted for overallocated or underallocated manufacturing overhead

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