How do you calculate the beginning work in process inventory and the beginning COGS?

7-23. ASSi nin C ts to Jobs . ' occurred in J . Forest CoEnpognerl}; makes aircraft parts. The followmg transactions \"13'- 1. Purchased $119,000 of materials. Issued $117,600 in direct materials to the-pro- Issued $8,400 of supplies from the materials. IUVEStOW- Paid for the materials purchased in transactlon . _ . _ . Returned $15,400 of the materials issued to productloft 111 (2) lithe material Invenmw' Direct labor employees earned $217,000, WhICh was Pald 1n ca '1 t A Paid $120,400 for miscellaneous items for the manufacturing P an - CCOUnts Payable was credited. . 45 000 Recognized depreciation on manufacturing plant of $2 , - Applied manufacturing overhead for the month. Forest uses normal costing. It applies overhead on the basts of direct laboreosts 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; duction department. '. :'JP'P'P'P'E" :05 Beginning Ending Materials Inventory .............. ? $ 88.200 Work-in-Process Inventory ........ ? 73.500 ' Finished Goods Inventory ........ $18,200 49,700 Cost of Goods Sold ............. '? 521,500 Required at. Prepare journal entries to record these transactions. b. Prepare Taccounts to show the flow of costs during the period from Mate: .-Es Inventory through Cost of Goods Sold