Forest Components makes aircraft parts The following transactions occurred in July 1 Purchased $16,900 of materials on account 2 Issued $16,820 in direct materials to the production department 3 Issued $1,250 of supplies from the materials inventory 4 Paid for the materials purchased in transaction (1) using cash 5 Returned $2,150 of the materials issued to production in (2) to the materials inventory 5 Direct labor employees earned $31,800, which was paid in cash 7 Purchased miscellaneous items for the manufacturing plant for $17 250 on account 3 Recognized depreciation on manufacturing plant of $35,100 3 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 $435,300 Estimated overhead for the year was $417,888 The following balances appeared in the inventory accounts of Forest Components for July Materials Inventory Beginning Ending $12,520 Work in Process 10,610 Inventory Finished Goods $2,670 7,070 Inventory Cost of Goods 74,300 Sold 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 Required A B Prepare T accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold Beg bal 1 5 Materials Inventory Beg bal 2 3 Work In Process Inventory Transferred to Finished Goods End bal End bal Manufacturing Overhead Control Beg bal Applied Manufacturing Overhead Beg bal End bal 0 End bal Accounts Payable Cash Beg bal Beg bal, End bal Accumulated Depreciation Property, Plant, and Beg bal Equipment End bal Cost of Goods Sold Beg bal Goods completed End bal End bal Finished Goods Inventory Beg bal Goods completed End bal Transfer to Cost of Goods Sold

Question

Forest Components makes aircraft parts  The following transactions occurred in July  1  Purchased $16,900 of materials on account  2  Issued $16,820 in direct materials to the production department  3  Issued $1,250 of supplies from the materials inventory  4  Paid for the materials purchased in transaction (1) using cash  5  Returned $2,150 of the materials issued to production in (2) to the materials inventory  5  Direct labor employees earned $31,800, which was paid in cash  7  Purchased miscellaneous items for the manufacturing plant for $17 250 on account  3  Recognized depreciation on manufacturing plant of $35,100  3  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 $435,300  Estimated overhead for the year was $417,888  The following balances appeared in the inventory accounts of Forest Components for July  Materials Inventory Beginning Ending   $12,520 Work in Process   10,610 Inventory Finished Goods $2,670 7,070 Inventory Cost of Goods   74,300 Sold 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 Required A B Prepare T accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold  Beg  bal 1  5  Materials Inventory Beg  bal  2  3  Work In Process Inventory Transferred to Finished Goods End  bal  End  bal  Manufacturing Overhead Control Beg  bal  Applied Manufacturing Overhead Beg  bal  End  bal  0 End  bal  Accounts Payable Cash Beg  bal  Beg  bal, End  bal  Accumulated Depreciation Property, Plant, and Beg  bal  Equipment End  bal  Cost of Goods Sold Beg  bal  Goods completed End  bal  End  bal  Finished Goods Inventory Beg  bal  Goods completed End  bal  Transfer to Cost of Goods Sold

Accepted Answer

The Answer is in the image, click to view ...

Question

Forest Components makes aircraft parts. The following transactions occurred in July. 1. Purchased $16,900 of materials on account. 2. Issued $16,820 in direct materials to

Step by Step Solution

Step: 1

Get Instant Access to Expert-Tailored Solutions

Step: 2

Step: 3

Ace Your Homework with AI