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i just need part B please and thank you Exercise 7-24 (Algo) Assigning Costs to Jobs (LO 7-1, 2) Forest Components makes aircraft parts. The

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Exercise 7-24 (Algo) Assigning Costs to Jobs (LO 7-1, 2) Forest Components makes aircraft parts. The following transactions occurred in July 2.5 points 1 Purchased $16,960 of materials on account 2. Issued $16,750 in direct materials to the production department 3. Issued $1,330 of supplies from the materials Inventory 4. Pald for the materials purchased in transaction (1) using cash. 5. Returned $2,130 of the materials issued to production in (2) to the materials Inventory 6. Direct labor employees earned $31700, 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 $35,100. 9. Appiled manufacturing overhead for the month. References 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 th at would be 5435.000. Estimated overhead for the was $400,200. The following balances appeared in the inventory accounts of Forest Component for July Materiala Inventory Work-in-Process Inventory Pinished Goods Inventory Cost of Goods Sold Beginning to the 7 $12,520 7 10,560 32,750 7.010 2 74,400 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 Genes Sold Required Required B Prepare T-accounts to show the flow of costs during the period from Materials Inventory through cost of Goods Sold. Materials Inventory Work In Process Inventory Bog, bal Beg bal. Transferred to Finished Goods End, bal Erd, bal Manufacturing Overhead Control Applied Manufacturing Overhead Beg bal Beg bol End. bol End, ba Beg Beg, bal Endbal End, bal Finished Goods Inventory Accumulated Depreciation Property. Plant, and Equipment Bog bal Beg bal End End. bal. Accounts Payable Beg bal. End, End, bal Finished Goods Inventory Accumulated Depreciation Property. Plant, and Equipment Beg, bol Bog, bal Goods completed Transfer to cost of Goods Sold End, bal End.ba 0 Coat of Goods Sold Bog bal. Goods completed End.bal

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