Forest Components makes aircraft parts. The following transactions occurred in July. 1. Purchased $16,810 of materials on account. 2. Issued $16,720 in direct materials to the production department. 3. Issued $1,310 of supplies from the materials inventory. 4. Paid for the materials purchased in transaction (1) using cash. 5. Returned $2,200 of the materials issued to production in (2) to the materials inventory. 6. Direct labor employees earned $31,900, which was paid in cash. 7. Purchased miscellaneous items for the manufacturing plant for $17,210 on account. 8. Recognized depreciation on manufacturing plant of $36,600. 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 $434,100. Estimated overhead for the year was $429,759 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 ? $12,590 ? 10,530 $ 2,620 6,900 ? 74,500 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. Required A Required B Prepare journal entries to record these transactions. (If no entry is required for a transaction/event, select "No journal entry requ the first account field.) View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 16,810 Materials inventory Accounts payable 16,810 B 2 16,720 Work-in-processdirect materials Materials inventory 16,720 3 1,310 Manufacturing overhead control Materials inventory 1,310 D 4 Accounts payable 16,810 Cash 16,810 E 5 2,200 Materials inventory Work-in-processdirect materials 2,200 6 31,900 Work-in-process-direct labor Cash 31,900 G 7 Manufacturing overhead control 17,210 H 8 36,600 Manufacturing overhead control Accumulated depreciationplant 36,600 1 9 31,581 Work-in-process-overhead Applied manufacturing overhead 31,581 Required A Required B Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold. Work-In-Process Inventory Materials Inventory 11,610 Beg. bal. 1. Beg. bal. 2. 16,810 16,720 2. 16,720 2,200 5. Transferred to Finished Goods 5. 2,200 1,310 3 6. 31,900 9 31,581 End. bal. 12,590 End. bal. 78,001 Manufacturing Overhead Control Applied Manufacturing Overhead Beg. bal. Beg. bal. 3. 31,581 9. 7. 1,310 17.210 36,600 8. End. bal. 31,581 End. bal. 55,120 Accounts Payable Cash Beg. bal. 4. Beg. bal. 6. 16,810 31,900 16,8104. 16,810 1. 17,2107 End. bal. 17,210 End. bal. 15,090 Accounts Payable Cash Beg. bal. Beg. bal. 4. 16,810 6. 31,900 16,810 4. 16,810 1. 17,210 7. End. bal. 17,210 End. bal. 15,090 Accumulated DepreciationProperty, Plant, and Equipment Beg. bal. Finished Goods Inventory 2,620 Beg. bal. 36,600 8. Goods completed Transfer to Cost of Goods Sold End. bal. 2,620 End. bal. 36,600 Cost of Goods Sold Beg. bal. Goods completed End. bal. 0