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Mighty Stars produces stars for elementary teachers to reward their students. Mighty Stars' trial balance on June 1 follows: Requirement 1 Accumulated Depreciation Wages Payable Retained Eamings \begin{tabular}{l|l|l|l} \hline \multicolumn{3}{|c}{ Rotained Eamings } \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \end{tabular} Cost of Goods Sold Selling and Administrative Expenses \begin{tabular}{l|l|l|l} \hline \multicolumn{3}{|c}{ Plant Assets } \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \end{tabular} Accounts Payable \begin{tabular}{l|l|l|l} \hline & Accounts Payabje & \\ \hline & & & \\ \hline & & & \\ \hline & & & \end{tabular} Common Stock \begin{tabular}{l|l|l|l} \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \end{tabular} Sales Revenue \begin{tabular}{l|l|l|l} \hline & Sales Rovenue & \\ \hline & & & \\ \hline & & & \\ \hline & & & \end{tabular} Manufacturing Overhead \begin{tabular}{l|l|l|l} \multicolumn{3}{|c}{ Manufacturing Overhead } \\ \hline & & & \\ \hline & & & \\ \hline & & & \end{tabular} Raw Materials inventory subsidiary ledger: Work-in-Process Inventory subsidiary ledger: Finished Goods Inventory subsidiary ledger: Requirement 3 Finished Goods Inventorv 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, 2024. 4. Use the Work-in-Process Inventory T-account to prepare a schedule of cost of goods manufactured for the month of June. 4. COGM $47,430 5. Prepare an income statement for the month of June. 5. Operating Income $18,950 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 Junetransactions are summarized as follows: a. Collections on account, $145,000. b. Selling and administrative expenses incurred and paid, $32,000. c. Payments on account, $39,000. d. Materials purchased on account: Paper, $24,000; indirect materials, $4,200. e. Materials requisitioned and used in production: Requirement 4 Requirement 5 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
