Forest Components makes aircraft parts. The following transactions occurred in July. 1. Purchased $16,970 of materials...

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Forest Components makes aircraft 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. Paid 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 month. Forest uses normal costing. It applies overhead on the balas 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. Materials Inventory Work in-Process Inventory Finished Goods Inventory Cost of Goods Sold Begioning Ending $12,420 10,550 6,950 75,000 $2,630 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. Haterials Inventory Mork-in-Process Inventary Finished Goods Inventory Cost of Goods Sold Beginning Endine $12,420 10,550 6,980 75,000 $2,630 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. Complete this question by entering your answers in the tabs below. Required A Required B Prepare journal entries to record these transactions. (f no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Prepare T-Bccounts to show the flow of costs during the period from Materials TInventory through Cost of Goods Sold. Materials Inventory Work-in-Process Inventory Beg bal Beg bal Transfened to Finished Goods End bal End bal Manufacturing Overhead Control Appiled Manufacturing Overhead Beg bal Beg bat End bat End bal Accounts Payable Cash Beg bal Beg bal Forest Components makes aircraft 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. Paid 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 month. Forest uses normal costing. It applies overhead on the balas 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. Materials Inventory Work in-Process Inventory Finished Goods Inventory Cost of Goods Sold Begioning Ending $12,420 10,550 6,950 75,000 $2,630 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. Haterials Inventory Mork-in-Process Inventary Finished Goods Inventory Cost of Goods Sold Beginning Endine $12,420 10,550 6,980 75,000 $2,630 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. Complete this question by entering your answers in the tabs below. Required A Required B Prepare journal entries to record these transactions. (f no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Prepare T-Bccounts to show the flow of costs during the period from Materials TInventory through Cost of Goods Sold. Materials Inventory Work-in-Process Inventory Beg bal Beg bal Transfened to Finished Goods End bal End bal Manufacturing Overhead Control Appiled Manufacturing Overhead Beg bal Beg bat End bat End bal Accounts Payable Cash Beg bal Beg bal

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