Forest Components makes aircraft parts. The following transactions occurred in July Purchased $16.830 of materials on account 2 Issued $16,800 in direct materials to the production department 3. Issued $1.230 of supplies from the materials inventory 4. Paid for the materials purchased in transaction (1) using cash 5. Retured 52100 of the materials issued to production in (2) to the materials inventory 6 Direct labor employees eamed $32,600, which was paid in cash 7 Purchased miscellaneous items for the manufacturing plant for $17,330 on account 8 Recognized depreciation on manufacturing plant of $35,700 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 5434,300 Estimated overhead for the year was 5421271 The following balances appeared in the inventory accounts of Forest Components for July Materials Inventory Work-In-Process Inventory Finished Goods Inventory cost of goods Sold Beginning Ending $12,500 10,560 $2,640 6.900 73,800 Required: o. Prepare journal entries to record these transactions b. Prepare Taccounts to show the flow of costs during the period from Materials Inventory through cost of Goods Sold