Forest Components makes aircraft parts. The following transactions occurred in July 1 Purchased $16.870 of materials on account 2 issued $16.840 in direct materials to the production department 3 Issued $1390 of supplies from the materials inventory 4 Paid for the materials purchased in transaction (1) using cash 5. Returned $2.080 of the materials issued to production in (2) to the materials inventory 6. Direct labor employees earned $31200 which was paid in cash 7 Purchased miscellaneous items for the manufacturing plant for $17.250 on account 8. Recognized depreciation on manufacturing plant of $35,600 9. Applied manufacturing overhead for the month 4 nes 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 $434100 Estimated overhead for the year was $412,395 The following balances appeared in the inventory accounts of Forest Components for July Beginning Ending Materials Inventory $12,560 Work In Process Inventory Finished Goods Inventory 19,690 $2,680 6,90 Cost of Goods Sold 75,000 Required: a. 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