Forest Components makes aircraft parts. The following transactions occurred in July 1. Purchased $16.870 of materials on account. 2. Issued $16.830 in direct materials to the production department. 3. Issued $1.230 of supplies from the materials inventory. 4. Paid for the materials purchased in transaction (1) using cash. 5. Returned $2,020 of the materials issued to production in (2) to the materials inventory. 6. Direct labor employees earned $32,500, which was paid in cash. 7. Purchased miscellaneous items for the manufacturing plant for $17.210 on account. 8. Recognized depreciation on manufacturing plant of $36.400. 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 $435.100. Estimated overhead for the year was $413,345. The following balances appeared in the inventory accounts of Forest Components for July. Beginning Ending Materials Inventory $12,510 Work-in-Process Inventory 19,610 Finished Goods Inventory 6,95 Cost of Goods Sold 74,00 ? ? $2,710 ? 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. Beg. bal. Materials Inventory 11.680 16,870 16,830 Beg. bal. 2. 1. 2. Work-In-Process Inventory 13,600 X 16,830 2,020 5. Transferred to 32,500 79,240 X Finished Goods 30.875 5. 2,020 1,230 3. 6. 9. End. bal. 12,510 End. bal. 12,545 Applied Manufacturing Overhead Beg. bal. 0 30.875 Manufacturing Overhead Control 0 1.230 17,210 38,400 Beg. bal. 3. 7. 8. 9. 000 End. bal. 30,875 End. bal. 54,840 Cash Beg. bal. 0 Beg. bal. 4. Accounts Payable 0 16,870 16,870 1. 17,21017 0 16,870 32,500 4. 6. o End. bal. 17.210 End. bal. 49,370 Accumulated DepreciationProperty, Plant, and Equipment Beg, bal Finished Goods Inventory 2,710 Beg. bal. 36,400 8. Goods completed 80,950 74,000 Transfer to Cost of Goods Sold End. bal. 9,680 End. bal. 36,400 Cost of Goods Sold Beg. bal. 0 Goods completed End. bal. 74,000 74,000