Forest Components makes aircraft parts. The following transactions occurred in July: 1. Purchased $17.000 of materials on account. 2. Issued S16,870 in direct materials to the production department. 3. Issued S1,240 of supplies from the materials inventory 4. Paid for the materials purchased in transaction (1) using cash 5. Returned S2,150 of the materials issued to production in (2) to the materials inventory 6. Direct labor employees eamed $32,500, which was paid in cash 7. Paid $17,320 for miscellaneous items for the manufacturing plant. Accounts Payable was credited 8. Recognized depreciation on manufacturing plant of S35,700 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 S434,100. Estimated overhead for the year was $403,713 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 5 12,550 10,680 7.060 74,900 52,680