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

Purchased $16,940 of materials on account.

Issued $16,820 in direct materials to the production department. I

ssued $1,270 of supplies from the materials inventory.

Paid for the materials purchased in transaction (1) using cash.

Returned $2,120 of the materials issued to production in (2) to the materials inventory.

Direct labor employees earned $31,200, which was paid in cash.

Purchased miscellaneous items for the manufacturing plant for $17,310 on account.

Recognized depreciation on manufacturing plant of $36,000.

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 $434,400. Estimated overhead for the year was $425,712.

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

	Beginning			Ending
Materials Inventory		?		$	12,580
Work-in-Process Inventory		?			10,670
Finished Goods Inventory	$	2,680			6,920
Cost of Goods Sold		?			74,000

b. 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 End. bal. Manufacturing Overhead Control Applied Manufacturing Overhead Beg. bal. Beg. bal End. bal. 0 End. bal Accounts Payable Cash Beg, bal Beg. bal End, bal End. ball Finished Goode Inventory Accumulated Depreciation-Property. Plant and Equipment Beg, bal Beg, bal Goods completed Transfer to Cost of Goods Sold End. bal 0 End, bal Coat of Goods Sold Beg. bal Goods completed End, bal