Elmira Tool and Die makes machine tools to order. The following transactions occurred in October: 1. Issued $3,000 of supplies from the materlals Inventory. 2. Purchased $43,000 of materlals. 3. Issued $38,600 in direct materlals to the production department. 4. Pald $44,000 for miscellaneous Items for the manufacturling plant. Accounts Payable was credited. 5 . Returned $5,800 of the materlals issued to production in (3) to the materlals Inventory. 6. Direct labor employees earned $73,000,50% of which was pald in cash and the remainder credited to Wages Payable. 7. Purchased $13,000 of materlals on account. 8. Recognized depreclation on manufacturing plant of $87,000. 9. Pald for the materlals purchased in transaction (2). 10. Applied manufacturing overhead for the month. Elmira uses normal costing. It applies overhead on the basis of materlals costs using an annual, predetermined rate. At the beginning of the year, management estimated that materlals costs for the year would be $504,000. Estimated overhead for the year was $2066,400. The following balances appeared in the Irventory accounts of Elmira Tool and Dle for October: Required: a. Prepare journal entrles to record these transactions. b. Prepare T-accounts to show the flow of costs during the perlod from Materlals Inventory through Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Prepare journal entries to record these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet compiete tnis question oy enterng your answers in the taos velow. Elmira Tool and Die makes machine tools to order. The following transactions occurred in October: 1. Issued $3,000 of supplies from the materlals Inventory. 2. Purchased $43,000 of materlals. 3. Issued $38,600 in direct materlals to the production department. 4. Pald $44,000 for miscellaneous Items for the manufacturling plant. Accounts Payable was credited. 5 . Returned $5,800 of the materlals issued to production in (3) to the materlals Inventory. 6. Direct labor employees earned $73,000,50% of which was pald in cash and the remainder credited to Wages Payable. 7. Purchased $13,000 of materlals on account. 8. Recognized depreclation on manufacturing plant of $87,000. 9. Pald for the materlals purchased in transaction (2). 10. Applied manufacturing overhead for the month. Elmira uses normal costing. It applies overhead on the basis of materlals costs using an annual, predetermined rate. At the beginning of the year, management estimated that materlals costs for the year would be $504,000. Estimated overhead for the year was $2066,400. The following balances appeared in the Irventory accounts of Elmira Tool and Dle for October: Required: a. Prepare journal entrles to record these transactions. b. Prepare T-accounts to show the flow of costs during the perlod from Materlals Inventory through Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Prepare journal entries to record these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet compiete tnis question oy enterng your answers in the taos velow