b.Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold.

CoursHeroTranscribedText: HW 6 (CH 7) Saved Help Save & Exit Submit Check my work 5 1. Purchased $119,000 of materials on account. 2. Issued $117,600 in direct materials to the production department. 3. Issued $8,400 of supplies from the materials inventory. 4. Paid for the materials purchased in transaction (1) using cash. 2 5. Returned $15,400 of the materials issued to production in (2) to the materials inventory. points 6. Direct labor employees earned $217,000, which was paid in cash. 7. Purchased miscellaneous items for the manufacturing plant for $120,400 on account. B. Recognized depreciation on manufacturing plant of $245,000. 9. Applied manufacturing overhead for the month. Book 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 $3,000,000. Estimated overhead for the Print year was $2,790,000 The following balances appeared in the inventory accounts of Forest Components for July. References Ending Materials Inventory Beginning $86, 200 Work-in-Process Inventory 73, 500 Finished Goods Inventory $18, 200 49, 70 Cost of Goods Sold 521, 500 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. Materials Inventory Work-In-Process Inventory Beg. bal. 79,800 Beg. bal. 119,000 15,400 1. Transferred to Finished Goods End. bal. 214,200 End. bal. Manufacturing Overhead Control Applied Manufacturing Overhead Beg. bal. Beg. bal. Graw