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14000 155000 5700 39400 20400 200000 72000 127000 1700 142000 91800 434500 434500 Howie Stars produces starts for elementary teachers to reward their students. Howie Stars’ trial balance on June 1 follows: HOWIE STARS Trial Balance June 1, 2012 Account Title Balance Debit Credit Cash Accounts receivable Inventories: Materials Work in process Finished goods Plant assets Accumulated depreciation Accounts payable Wages payable Common stock Retained earnings Sales revenue Cost of goods sold Manufacturing overhead Marketing and general expenses Total — June 1 balances in the subsidiary ledgers were as follows: – Materials subledger: Paper, $4,700; indirect materials, $1,000 June transactions are summarized as follows: a. Collections on account, $152,000. b. Marketing and general expenses incurred and paid, $28,000. d. Materials purchases on credit: Paper, $22,900; indirect materials, $3,800. e. Materials used in production (requisitioned): – Job 120: paper , $850 – Job 121: paper, $7,650 – Indirect materials, $1,000 – Finished goods subledger: Large Stars, $9,400; Small Stars, $11,000 f. Wages incurred and assigned 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 account at May 31 and $32,200 of wages incurred during June. i. Manufacturing overhead was allocated at the predetermined rate of 50% of direct labor cost. j. Jobs completed during the month: Job 120, 300,000 Large Stars at total cost of $45,500. k. Credit sales on account: all of Job 120 for $111,000. l. Closed the Manufacturing overhead account to Cost of goods sold. Requirements: 1. Journalize the transactions for the company. Howie uses a perpetual inventory system. 2. Open T-accounts for the general ledger, the Materials ledger, the Work in process ledger, and the Finished goods ledger. Insert each account balance as given, and use the reference…