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Forest Components makes aircraft parts. The following transactions occurred in July: 1. Purchased $16,960 of materials on account. 2. Issued $16,730 in direct materials to the production department. 3. Issued $1,320 of supplies from the materials inventory 4. Paid for the materials purchased in transaction (1) using cash. 5. Returned $2,110 of the materials issued to production in (2) to the materials inventory 6. Direct labor employees earned $32,500, which was paid in cash 7. Paid $17,250 for miscellaneous items for the manufacturing plant. Accounts Payable was credited 8. Recognized depreciation on manufacturing plant of $35,400. 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 $435,900. Estimated overhead for the year was $392,310 The following balances appeared in the inventory accounts of Forest Components for July: Beginning Ending Materials Inventory Work-in-Process Inventory Finished Goods Inventory Cost of Goods Sold ? 12,450 10,560 73,700 Required a. 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 Purchased $16,960 of materials. Note: Enter debits before credits. Transactions General Journal Debit Credit Record entry Clear entry View general journal b. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold. Materials Inventory Work-In-Process Inventory Beg. bal. Beg. bal. Transferred to Finished Goods Beg. bal Beg. bal Transferred to Finished Goods End. bal End. bal Manufacturing Overhead Control Applied Manufacturing Overhead Beg. bal Beg. bal End. bal End. bal Accounts Payable Cash Beg. bal Beg. bal End. bal End. bal Finished Goods Inventory Accumulated Depreciation-Property, Plant, and Equipment Beg. bal Beg. bal Goods completed End. bal Transfer to Cost of Goods Sold End. bal Cost of Goods Sold Beg. bal Goods completed End. bal