Forest Components makes aircraft parts. The followingtransactions occurred in July. Purchased $16,950 of materials onaccount. Issued $16,800 in direct materials to the productiondepartment. Issued $1,240 of supplies from the materials inventory.Paid for the materials purchased in transaction (1) using cash.Returned $2,190 of the materials issued to production in (2) to thematerials inventory. Direct labor employees earned $31,100, whichwas paid in cash. Purchased miscellaneous items for themanufacturing plant for $17,300 on account. Recognized depreciationon manufacturing plant of $36,300. Applied manufacturing overheadfor the month. Forest uses normal costing. It applies overhead onthe basis of direct labor costs using an annual, predeterminedrate. At the beginning of the year, management estimated thatdirect labor costs for the year would be $434,000. Estimatedoverhead for the year was $412,300. The following balances appearedin the inventory accounts of Forest Components for July. BeginningEnding Materials Inventory ? $ 12,440 Work-in-Process Inventory ?10,610 Finished Goods Inventory $ 2,740 7,010 Cost of Goods Sold ?74,700 Required: a. Prepare journal entries to record thesetransactions. b. Prepare T-accounts to show the flow of costsduring the period from Materials Inventory through Cost of GoodsSold.

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