20 points 1 eBook References Forest Components makes aircraft parts. The following transactions occurred in July. 1. Purchased $16,970 of materials on account. 2. Issued $16,860 in direct materials to the production department. 3. Issued $1,310 of supplies from the materials Inventory. 4. Pald for the materials purchased in transaction (1) using cash. 5. Returned $2,120 of the materials issued to production in (2) to the materials Inventory. 6. Direct labor employees earned $31,200, which was paid in cash. 7. Purchased miscellaneous Items for the manufacturing plant for $17,290 on account. 8. Recognized depreciation on manufacturing plant of $35,300. 9. 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 beginning of the year, management estimated that direct labor costs for the year would be $434,300. Estimated overhead for the year was $399,556. The following balances appeared in the Inventory accounts of Forest Components for July. Materials Inventory Work-in-Process Inventory Finished Goods Inventory Cost of Goods Sold Required: Beginning Ending P $12,410 ? 10,660 $2,780 7,070 ? 73,900 a. Prepare journal entries to record these transactions. b. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required A Required B Prepare journal entries to record these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < A B C D E F G H Purchased $16,970 of materials on account. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal < Required A Required B > > Required: a. Prepare journal entries to record these transactions. b. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required A Required B Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold. Beg. bal. End. bal. Materials Inventory Beg. bal. End. bal. Work-In-Process Inventory Manufacturing Overhead Control Beg. bal. Applied Manufacturing Overhead Beg. bal. End. bal. End. bal. Accounts Payable Cash Beg. bal. Beg. bal. End. bal. End. bal. Accumulated Depreciation-Property, Plant, and Equipment Beg. bal. Beg. bal. Goods completed End. bal. End. bal. Beg. bal. Goods completed End. bal. Cost of Goods Sold Finished Goods Inventory < Required A Required B > Transferred to Finished Goods Transfer to Cost of Goods Sold