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this is from Fundamentals of Cost Accounting 5th edition. Chapter 7 exercise 23. Thank You if you can help me! (LO 7-1, 2) 7-23. Assigning

this is from Fundamentals of Cost Accounting 5th edition. Chapter 7 exercise 23. Thank You if you can help me!

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(LO 7-1, 2) 7-23. Assigning Costs to Jobs Forest Components makes aircraft parts. The following transactions occurred in July: 1. Purchased $119,000 of materials. 2. Issued $117,600 in direct materials to the production department 3. Issued S8,400 of supplies from the materials inventory. 4. Paid for the materials purchased in transaction (1). 5. Returned $15,400 of the materials issued to production in (2) to the material inventory 6. Direct labor employees earned $217,000, which was paid in cash. 7. Paid $120,400 for miscellaneous items for the manufacturing plant. Accounts Payable was credited. Reognized depreciation on manufacturing plant of $245.00. 8. Recognized depreciation on manufacturing plant of $245,000. 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 $3,000,000. Estimated overhead for the year was $2,790,000 The following balances appeared in the inventory accounts of Forest Components for July Beginning Ending Work-in-Process Inventory. . . Finished Goods Inventory.... Cost of Goods Sold. . . $88,200 73,500 49,700 521,500 $18,200 Required a. Prepare journal entries to record these transactions. bPrepare T-accounts to show the flow of costs during the period from Materials Inventory b. Prepare Taccounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold

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