prepare Journal entries to record transactions and T- accounts to show cash flow (materials inventory - COGS )

HW 60 Seved Exercise 7-24 (Algo) Assigning Costs to Jobs (LO 7-1, 2) Forest Components makes alrcraft parts. The following transactions occurred in July, 1. Purchased $16,970 of materials on account. 2. Issued $16.820 in direct materials to the production department 3. Issued $1,340 of supplies from the materials inventory 4. Pald for the materials purchased in transaction (1) using cash 5. Returned $2,080 of the materials issued to production in (2) to the materials inventory 6. Direct labor employees earned $32,800, which was paid in cash. 7. Purchased miscellaneous items for the manufacturing plant for $17,220 on account 8. Recognized depreciation on manufacturing plant of $35,500 9. Applied manufacturing overhead for the months. Forest uses normal costing. It applies overhead on the balis 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 5435,800. Estimated overhead for the year was $400.936. The following balances appeared in the Inventory accounts of Forest Components for July Beginning Ending Materials Inventory $12,420 Work-in-Process Inventory 10,550 Finished Goods Inventory $2,630 5,950 Cost of Goods Sold 75.000 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 $435,800. Estimated overhead for the year was $400,936 The following balances appeared in the inventory accounts of Forest Components for July Bezinning Ending Materials Inventory $12,420 Finished Goods Inventory 6,980 75,000 work in Process Inventory 2 7 $2,610 10,550 Cost of Goods Sold Required: a. Prepare Journal entries to record these transactions b. Prepare Taccounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold, Complete this question by entering your answers in the tabs below. Required a Required B Prepare journal entries to record these transactions ( no entry is required for a transaction/event, select "Ne journal entry required in the first account field.) View transaction list Prepare Taccounts to show the flow of costs during the period from Materials Inventory through cost of Goods Sold Materials inventory Work in Process Inventory Beg bal Beghal Transferred to Finished Goods End ta Endal Manufacturing Overhead Control Applied Manufacturing Overhead Beg bol Segal Erdal Endal Accounts Payable Cah Bleg bal Beg tal