Elmira Tool and Die makes machine tools to order. The following transactions occurred in October: 1. Issued $3,200 of supplies from the materials inventory. 2. Purchased $44,000 of materials. 3. Issued $39,600 in direct materials to the production department. 4. Pald $44,200 for miscellaneous items for the manufacturing plant. Accounts Payable was credited. 5. Returned $6,200 of the materials issued to production in (3) to the materiais inventory. 6. Direct labor employees earned $74,000,50% of which was paid in cosh and the remainder credited to Wages Payable. 7. Purchased $14,000 of materials on account. 8. Recognized depreciation on manufacturing plant of $88,000. 9. Paid for the materials purchased in transaction (2). 10. Applied manufacturing overhead for the month. Elmira uses normal costing. It applies overhead on the basis of materials costs using an annual, predetermined rate. At the beginning of the year, management estimated that materials costs for the yoar would be $508.000. Estimated overhead for the year was $2,082,800. The following balances appeared in the inventory accounts of Elmira Tool and Die for October: 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 bulow. 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 transactionvevent, select "No journal entry required" in the first account field. Journal entry worksheet Notel Enter debits belore credits. Journal entry worksheet Journal entry worksheet Issued $39,600 in direct materials to the production department. Note: Enter debits before credits. Journal entry worksheet Paid $44,200 for miscellaneous items for the manufacturing plant. Accounts Payable was credited. Note: Enter debits before credits. Elmira Tool and Die makes machine tools to order. The following transactions occurred in October: 1. Issued $3,200 of supplies from the materials inventory. 2. Purchased $44,000 of materials. 3. Issued $39,600 in direct materials to the production department. 4. Pald $44,200 for miscellaneous items for the manufacturing plant. Accounts Payable was credited. 5. Returned $6,200 of the materials issued to production in (3) to the materiais inventory. 6. Direct labor employees earned $74,000,50% of which was paid in cosh and the remainder credited to Wages Payable. 7. Purchased $14,000 of materials on account. 8. Recognized depreciation on manufacturing plant of $88,000. 9. Paid for the materials purchased in transaction (2). 10. Applied manufacturing overhead for the month. Elmira uses normal costing. It applies overhead on the basis of materials costs using an annual, predetermined rate. At the beginning of the year, management estimated that materials costs for the yoar would be $508.000. Estimated overhead for the year was $2,082,800. The following balances appeared in the inventory accounts of Elmira Tool and Die for October: 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 bulow. 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 transactionvevent, select "No journal entry required" in the first account field. Journal entry worksheet Notel Enter debits belore credits. Journal entry worksheet Journal entry worksheet Issued $39,600 in direct materials to the production department. Note: Enter debits before credits. Journal entry worksheet Paid $44,200 for miscellaneous items for the manufacturing plant. Accounts Payable was credited. Note: Enter debits before credits