Forest Components makes aircraft parts. The following transactions occurred in July. 1. Purchased $16,980 of materials on account. 2. Issued $16,880 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 $2,190 of the materials issued to production in (2) to the materials inventory. 6. Direct labor employees earned $31,200, which was paid in cash. 7. Purchased miscellaneous items for the manufacturing plant for $17,280 on account. 8. Recognized depreciation on manufacturing plant of $36,300. 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 $435,800. Estimated overhead for the year was $418.368 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 $12,470 ? 10,660 $2,750 6,910 ? 74,000 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 below. 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 Beg bal. Materials Inventory 11,490 16,980 Beg. bal. 1 16,8802 2. 16,880 2,1905 Transferred to Finished Goods 5 2,190 1.3103 16. 31,200 19. 29,952 End. bal. 12,470 End. bal. 75,842 Applied Manufacturing Overhead Beg. bal. Beg. bal. 3 Manufacturing Overhead Control 0 1,310 17,280 36,300 29,952 9. 18 End. bal. 29,952 End. bal 54,890 Accounts Payable Cash Beg. bal. Beg. bal. 4. 16,980 16,980 1 17,2807 16,980 4. 31,2006. End. bal 17,280 End. bal. 48.180 Accumulated Depreciation-Property, Plant, and Equipment Beg. bal. 0 Beg. bal Finished Goods Inventory 2,750 74.000 Transfer to Cost of Goods Sold 71,250 36,300 8. Goods completed End. bal. End. bal. 36,300 Beg. bal. Goods completed End. bal. Cost of Goods Sold 0 74,000 74,000