The following balances appeared in the inventory accounts of Elmira Tool and Die for October: 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. \begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|c|}{ Materials Inventory } \\ \hline \multicolumn{2}{|c|}{ Debit } & Credit \\ \hline Beginning balance & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Ending balance & 0 & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l} \hline \multicolumn{3}{c|}{ Work-in-Process Inventory } \\ \hline Deginning balance & & & \\ \hline & & & \begin{tabular}{l} Transferred to F \\ Goods \end{tabular} \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline Ending balance & & & \\ \hline \end{tabular} Elmira Tool and Die makes machine tools to order. The following transactions occurred in October: 1. Issued $3,000 of supplies from the materials inventory. 2. Purchased $43,000 of materials. 3. Issued $38,600 in direct materials to the production department. 4. Paid $44,000 for miscellaneous items for the manufacturing plant. Accounts Payable was credited. 5. Returned $5,800 of the materials issued to production in (3) to the materials inventory. 6. Direct labor employees earned $73,000,50% of which was paid in cash and the remainder credited to Wages Payable. 7. Purchased $13,000 of materials on account. 8. Recognized depreciation on manufacturing plant of $87,000. 9. Paid for the materials purchased in transaction (2). 10. Applied manufacturing overhead for the month. Elmira uses normal costing. It applies overhead on the basis of materials costs using an annual, predetermined rate. At the beginning of the year, management estimated that materials costs for the year would be $504,000. Estimated overhead for the year was $2,066,400. The following balances appeared in the inventory accounts of Elmira Tool and Die for October