Purchased $16,990 of materials 2 Issued $16,770 in direct materials to the production department 3 Issued $1,360 of supplies from the materials inventory 4 Paid for the materials purchased in transaction (1) 5 Returned $2,100 of the materials issued to production in (2) to the materials inventory 6 Direct labor employees earned $31,800, which was paid in cash 7 Paid $17,270 for miscellaneous items for the manufacturing plant Accounts Payable was credited 8 Recognized depreciation on manufacturing plant of $36,000 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 $435,600 Estimated overhead for the year was $392,040 The following balances appeared in the inventory accounts of Forest Components for July Beginning Ending Materials Inventory $ 12,440 Work in Process Inventory 10,500 Finished Goods Inventory $ 2,710 7,000 Cost of Goods Sold 74,100 No Transactions General Journal Debit Credit 1 1 Materials inventory 16,990 Accounts payable 16,990 2 2 Work in processdirect materials 16,770 Materials inventory 16,770 3 3 Manufacturing overhead control 1,360 Materials inventory 1,360 4 4 Accounts payable 16,990 Cash 16,990 5 5 Materials inventory 2,100 Work in processdirect materials 2,100 6 6 Work in processdirect labor 31,800 Cash 31,800 7 7 Manufacturing overhead control 17,270 Accounts payable 17,270 8 8 Manufacturing overhead control 36,000 Accumulated depreciationplant 36,000 9 9 Work in processoverhead 28,620 Applied manufacturing overhead 28,620 I am stuck on part b b Prepare T accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold Beg bal 1 700 16 990 2 100 Beg bal 16,770 16,770 31 800 28,620 2 100 Transferred to Finished Goods 1 360 3 End bal 12,860 End bal 75,090 Manufacturing Overhead Control Beg bal Beg bal End bal End bal Cash Beg bal Beg bal 16 9901 16 990 4 17 270 31 800 End bal 34 260 End bal 48,790 Property, Plant, and E Finished Goods Inventory Beg bal Beg bal Goods completed End bal Transfer to Cost of Goods Sold End bal Cost of Goods Sold Beg bal Goods completed End bal

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.Purchased $16,990 of materials. 2.Issued $16,770 in direct materials to the production department. 3.Issued $1,360 of supplies from the materials inventory. 4.Paid for the materials

.Purchased $16,990 of materials.

2.Issued $16,770 in direct materials to the production department.

3.Issued $1,360 of supplies from the materials inventory.

4.Paid for the materials purchased in transaction (1).

5.Returned $2,100 of the materials issued to production in (2) to the materials inventory.

6.Direct labor employees earned $31,800, which was paid in cash.

7.Paid $17,270 for miscellaneous items for the manufacturing plant. Accounts Payable was credited.

8.Recognized depreciation on manufacturing plant of $36,000.

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 $435,600. Estimated overhead for the year was $392,040.

The following balances appeared in the inventory accounts of Forest Components for July:

	Beginning		Ending
Materials Inventory		?	$	12,440
Work-in-Process Inventory		?		10,500
Finished Goods Inventory	$	2,710		7,000
Cost of Goods Sold		?		74,100

No	Transactions	General Journal	Debit	Credit
1	1	Materials inventory	16,990
		Accounts payable		16,990

2	2	Work-in-processdirect materials	16,770
		Materials inventory		16,770

3	3	Manufacturing overhead control	1,360
		Materials inventory		1,360

4	4	Accounts payable	16,990
		Cash		16,990

5	5	Materials inventory	2,100
		Work-in-processdirect materials		2,100

6	6	Work-in-processdirect labor	31,800
		Cash		31,800

7	7	Manufacturing overhead control	17,270
		Accounts payable		17,270

8	8	Manufacturing overhead control	36,000
		Accumulated depreciationplant		36,000

9	9	Work-in-processoverhead	28,620
		Applied manufacturing overhead		28,620

I am stuck on part b.

image text in transcribed

b. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold Beg. bal 1.700 16.990 2.100 Beg. bal 16,770 16,770 31.800 28,620 2.100 Transferred to Finished Goods 1.360 3 End. bal 12,860 End. bal 75,090 Manufacturing Overhead Control Beg. bal Beg. bal End. bal End. bal Cash Beg. bal Beg. bal 16.9901 16.990 4 17.270 31.800 End. bal 34.260 End. bal 48,790 Property, Plant, and E Finished Goods Inventory Beg. bal Beg. bal Goods completed End. bal Transfer to Cost of Goods Sold End. bal Cost of Goods Sold Beg. bal Goods completed End. bal