Forrest Co. makes wooden tables.

Required:

Prepare the journal entries to record each of the following transactions:

(a) Purchased $20,000 of raw materials on credit.

(b) Issued $18,000 of direct materials into production.

(c) Applied $47,500 of conversion cost.

(d) Paid in full the raw materials purchased on credit..

(e) Completed tables costing $52,750.

(f) Recorded actual conversion costs of $42,000.

(g) Sold tables for $93,000 that cost $50,000 to produce.

(h) Disposed of any over- or underapplied conversion cost.