11. Forest Components makes aircraft parts. The following transactions occurred in July: A. Purchased $119,000 of materials B. Issued $117,600 in direct materials to the production department. C. Issued $8,400 of supplies from the materials inventory D. Paid for the materials purchased in item A above. E. Returned $15,400 of the materials issued to production in item B above to the material inventory F. Direct labor employees earned $217,000, which was paid in cash. G. Paid $120,400 for miscellaneous items for the manufacturing plant. Accounts payable was credited. H. Recognized depreciation on manufacturing plant of $245,000 I Applied manufacturing overhead for the month. Forest uses normal costing. It applies overhead on the basis of direct labor costs using an annual predetermined rate. At the b labor costs for the year would be $3,000,000. Estimated overhead for the year was $2,790,000 eginning of the year, management estimated that direct The following balances appeared in the inventory accounts of Forest Components for July: BeginningEnding Mateials Int Work-In-Process Invento Finished Goods Invento Cost of Goods Sold $88,200 73,500 49.700 521,500 $18,200 Required: 1. 2. Prepare journal entries to record these transactions Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold