Forest Components makes aircraft parts. The following transactions occurred in July. 1. Purchased $16,890 of materials on account. 2. Issued $16,820 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 $2,050 of the materials issued to production in {2} to the materials inventory. 6. Direct labor employees earned $32,400, which was paid in cash. I Purchased miscellaneous items for the manufacturing plant for $12,390 on account 8. Recognized depreciation on manufacturing plant of $31000. 9. Applied manufacturing overhead forthe 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 yearwould be $435,000. Estimated overhead for the year was $404,550. The following balances appeared in the inventory accounts of Forest Components for July. Beginning End ing Materials Inventory ? $12,510 l.ulorkinProcess Inventory ? 10,580 Finished Goods Inventory $2,726 7,0?0 Cost of Goods Sold ? 74,660 Required: i . I . b. Prepare Taccounts to show the ow of costs during the period from Materials Inventory through l[Iost of Goods Sold. Required A Required B Prepare T-accounts to Show the ow (If costs during the period from Materials Inventory through Cost of Goods Sold. Transferred to Finished Goods Accumulated Depreciation-Property, Plant, and Equipment Finished Goods Inventory Beg. bal. Beg. bal. 2,720 Goods completed 78,950 Transfer to Cost of Goods Sold End. bal. 81,670 End. bal. Cost of Goods Sold Beg. bal. Goods completed End. bal