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Forest Components makes aircraft parts. The following transactions occurred in July. 1. Purchased $16,910 of materials on account. 2. Issued $16,750 in direct materials to the production department. 3. Issued $1,260 of supplies from the materials inventory. 4. Paid for the materials purchased in transaction (1) using cash. 5. Returned $2,060 of the materials issued to production in (2) to the materials inventory. 6. Direct labor employees earned $31,200, which was paid in cash. 7. Purchased miscellaneous items for the manufacturing plant for $17,200 on account. 8. Recognized depreciation on manufacturing plant of $35,400. 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 $434,000. Estimated overhead for the year was $403,620. The following balances appeared in the inventory accounts of Forest Components for July. Beginning ? Materials Inventory Work-in-Process Inventory Finished Goods Inventory Cost of Goods Sold ? $2,690 ? Ending $12,560 10,560 7,000 74,100 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. N View transaction list 1 No A B C D / E 1 F G H Transaction 1 2 3 4 5 6 7 8 View journal entry worksheet 9 Materials inventory Accounts payable Work-in-process-direct materials Materials inventory General Journal Manufacturing overhead control Materials inventory Accounts payable Cash Materials inventory Work-in-process-direct materials Wages payable Cash Manufacturing overhead control. Accounts payable Manufacturing overhead control Accumulated depreciation-plant Work-in-process-overhead Manufacturing overhead control Debit 16,910 16,750 1,260 16,910 2,060 31,200 17,200 35,400 29,016 Credit 16,910 16,750 1,260 16,910 2,060 31,200 17,200 35,400 29,016 Prepare 1-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold. Work-In-Process Inventory 14,064 16,750 31,200 29,016 Beg. bal. 1. 5. End. bal. Beg. bal. 3. 7. 8. End. bal. Beg. bal. 4. End, bal. Beg. bal. End. bal. Materials Inventory 11,600 16,910 2,060 Bea. bal. 12,560 Manufacturing Overhead Control 1,260 17,200 35,400 53,860 Accounts Payable 16,910 16,750 2. 1,260 3. Accumulated Depreciation-Property, Plant, and Equipment Cost of Goods Sold 16,910 1. 17,200 7. 17,200 35,400 8. 35,400 Beg. bal. 2 6. 9. End. bal. Beg. bal. End. bal. Beg. bal. End. bal. Beg. bal. Goods completed End, bal. 88,970 2,060 5. Applied Manufacturing Overhead Cash 29,016 9. 29,016 16,910 4. 31,200 6. 48,110 Transferred to Finished Goods Finished Goods Inventory 2,690 78,410 7,000 74,100 Transfer to Cost of Goods Sold Beg. bal. 3. 7. [8. End, bal. Beg. bal. 4. End. bal. Beg. bal. End. bal. Manufacturing Overhead Control Beg. bal. Goods completed End. bal. 1,260 17,200 35,400 53,860 Accounts Payable 16,910 Accumulated Depreciation-Property, Plant, and Equipment Cost of Goods Sold 16,910 1. 17,200 7. 78,410 78,410 17,200 35,400 8. 35,400 + Beg, bal, End. bal. Beg. bal. End. bal. Beg. bal. Goods completed End. bal. Applied Manufacturing Overhead Cash 29,016 9. 29,016 16,910 4. 31,200 6. 48,110 Finished Goods Inventory 2,690 78,410 7,000 74,100 Transfer to Cost of Goods Sold Forest Components makes aircraft parts. The following transactions occurred in July. 1. Purchased $16,910 of materials on account. 2. Issued $16,750 in direct materials to the production department. 3. Issued $1,260 of supplies from the materials inventory. 4. Paid for the materials purchased in transaction (1) using cash. 5. Returned $2,060 of the materials issued to production in (2) to the materials inventory. 6. Direct labor employees earned $31,200, which was paid in cash. 7. Purchased miscellaneous items for the manufacturing plant for $17,200 on account. 8. Recognized depreciation on manufacturing plant of $35,400. 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 $434,000. Estimated overhead for the year was $403,620. The following balances appeared in the inventory accounts of Forest Components for July. Beginning ? Materials Inventory Work-in-Process Inventory Finished Goods Inventory Cost of Goods Sold ? $2,690 ? Ending $12,560 10,560 7,000 74,100 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. N View transaction list 1 No A B C D / E 1 F G H Transaction 1 2 3 4 5 6 7 8 View journal entry worksheet 9 Materials inventory Accounts payable Work-in-process-direct materials Materials inventory General Journal Manufacturing overhead control Materials inventory Accounts payable Cash Materials inventory Work-in-process-direct materials Wages payable Cash Manufacturing overhead control. Accounts payable Manufacturing overhead control Accumulated depreciation-plant Work-in-process-overhead Manufacturing overhead control Debit 16,910 16,750 1,260 16,910 2,060 31,200 17,200 35,400 29,016 Credit 16,910 16,750 1,260 16,910 2,060 31,200 17,200 35,400 29,016 Prepare 1-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold. Work-In-Process Inventory 14,064 16,750 31,200 29,016 Beg. bal. 1. 5. End. bal. Beg. bal. 3. 7. 8. End. bal. Beg. bal. 4. End, bal. Beg. bal. End. bal. Materials Inventory 11,600 16,910 2,060 Bea. bal. 12,560 Manufacturing Overhead Control 1,260 17,200 35,400 53,860 Accounts Payable 16,910 16,750 2. 1,260 3. Accumulated Depreciation-Property, Plant, and Equipment Cost of Goods Sold 16,910 1. 17,200 7. 17,200 35,400 8. 35,400 Beg. bal. 2 6. 9. End. bal. Beg. bal. End. bal. Beg. bal. End. bal. Beg. bal. Goods completed End, bal. 88,970 2,060 5. Applied Manufacturing Overhead Cash 29,016 9. 29,016 16,910 4. 31,200 6. 48,110 Transferred to Finished Goods Finished Goods Inventory 2,690 78,410 7,000 74,100 Transfer to Cost of Goods Sold Beg. bal. 3. 7. [8. End, bal. Beg. bal. 4. End. bal. Beg. bal. End. bal. Manufacturing Overhead Control Beg. bal. Goods completed End. bal. 1,260 17,200 35,400 53,860 Accounts Payable 16,910 Accumulated Depreciation-Property, Plant, and Equipment Cost of Goods Sold 16,910 1. 17,200 7. 78,410 78,410 17,200 35,400 8. 35,400 + Beg, bal, End. bal. Beg. bal. End. bal. Beg. bal. Goods completed End. bal. Applied Manufacturing Overhead Cash 29,016 9. 29,016 16,910 4. 31,200 6. 48,110 Finished Goods Inventory 2,690 78,410 7,000 74,100 Transfer to Cost of Goods Sold