Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Just the highlighted T-accounts please and show me how do you get it. Forest Components makes aircraft parts. The following transactions occurred in July: 1.
Just the highlighted T-accounts please and show me how do you get it.
Forest Components makes aircraft parts. The following transactions occurred in July: 1. Purchased $16,950 of materials on account. 2. Issued $16,760 in direct materials to the production department. 3. Issued $1,380 of supplies from the materials inventory 4. Paid for the materials purchased in transaction (1) using cash. 5. Returned $2,190 of the materials issued to production in (2) to the materials inventory 6. Direct labor employees earned $31.700, which was paid in cash. 7. Paid $17,200 for miscellaneous items for the manufacturing plant. Accounts Payable was credited 8. Recognized depreciation on manufacturing plant of $35,800 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 $434,900. Estimated overhead for the year was $404,457. The following balances appeared in the inventory accounts of Forest Components for July: Beginning Ending Materials Inventory Work-in-Process Inventory Finished Goods Inventory Cost of Goods Sold ? S 12,500 10,520 6.940 73,600 $2,610 Required a. Prepare jounal entries to record these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction listView journal entry worksheet No Transactions General Journal Debit Credit Materials inventory 16,950 Accounts payable 16,950 Work-in-process direct materials 16,760 Materials inventory 16,760 Manufacturing overhead control 1,380Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started