Forest Components makes aircraft parts. The following transactions occurred in July.

1. Purchased $16,990 of materials on account.

2. Issued $16,900 in direct materials to the production department.

3. Issued $1,290 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 $31,500, which was paid in cash.

7. Purchased miscellaneous items for the manufacturing plant for $17,350 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 $434,000. Estimated overhead for the year was $425,320.

The following balances appeared in the inventory accounts of Forest Components for July.

	Beginning			Ending
Materials Inventory		?		$	12,440
Work-in-Process Inventory		?			10,700
Finished Goods Inventory	$	2,650			6,970
Cost of Goods Sold		?			73,600

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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 T-accounts to show the flow of costs during the period from Materials Inventory through cost of Goods Sold. Materiale Inventory Work-In-Process Inventory Beg, bal Beg. bal Transferred to Finished Goods End, bal 0 End, ball Manufacturing Overhead Control Applied Manufacturing Overhead Beg, bal Beg, bal End. bal. End, bal Accounts Payable Cash Bey, bal Beg, bal End, bal End. bal Finished Goods Inventory Accumulated Depreciation-Property. Plant and Equipment Beg. bal Beg, bal Goods completed Transfer to Cost of Goods Sold End. bal. End. bal Cost of Goods Sold Beg, bal Goods completed End. bal 0