Bb Course Content - Business Stati X Do Homework-Duaa Ashkar Rounding Numbers Calculator X Course Hero Connect + 2 points eBook References ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/question-group/KEZAS... Q 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. 5. Returned $15,400 of the materials issued to production in (2) to the materials inventory. 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. 8. Recognized depreciation on manufacturing plant of $245,000. 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 $3,000,000. Estimated overhead for the year was $2,790,000. The following balances appeared in the inventory accounts of Forest Components for July. Materials Inventory Beginning ? Ending $88, 200 Work-in-Process Inventory 73,500 Finished Goods Inventory $18,200 Cost of Goods Sold ? 49,700 521,500 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. Beg. bal. 1. End. bal. Materials Inventory 79,800 119,000 15,400 214,200 Beg. bal Work-In-Process Inventory Transferred to Finished Goods End. bal. Manufacturing Overhead Control Beg. bal. Applied Manufacturing Overhead Beg. bal. End. bal. Accounts Payable Beg, bal End. bal. Cash M 7:33