Forest Components makes aircraft parts. The following transactions occurred in July 1. Purchased $119,000 of materials on account. 2. Issued $117,600 in direct materials to the production department 3. Issued $8,400 of supplies from the materials inventory 4. Paid for the materials purchased in transaction (1) using cash. materials issued to production in (2) to the materials inventory. 6. Direct labor employees earned $217,000, which was paid in cash. 7. Paid $120,400 for miscellaneous items for the manufacturing plant. Accounts Payable was credited 8. Recognized depreciation on manufacturing plant of $245,000. 9. Applied manufacturing overhead for the month Forest uses normal costing. It applies overhead on the basis of direct labor costs using an annual, management estimated that direct labor costs for the year would be $3,000,000. Estimated overhead for the year was $2,790,000. The following balances appeared in the inventory accounts of Forest Components for July predetermined rate. At the beginning of the yea BeginningEnding Materials Inventory Work-in-Process Inventory Finished Goods Inventory Cost of Goods Sold S 88,200 73,500 49,700 521,500 $18.200