Question: Please just do part b :) Complete this question by entering your answers in the tabs below. Prenare inurnal entries to rerned these transartions. Elmira



Please just do part b :)
Complete this question by entering your answers in the tabs below. Prenare inurnal entries to rerned these transartions. Elmira Tool and Die makes machine tools to order. The following transactions occurred in October: 1. Issued $3,000 of supplies from the materlals Inventory. 2. Purchased $43,000 of materlals. 3. Issued $38,600 in direct materlals to the production department. 4. Pald $44,000 for mlscellaneous Items for the manufacturing plant. Accounts Payable was credited. 5 . Returned $5,800 of the materlals Issued to production In (3) to the materlals Inventory. 6. Direct labor employees earned $73,000,50% of which was pald In cash and the remalnder credited to Wages Payable. 7. Purchased $13,000 of materlals on account. 8. Recognized depreclation on manufacturing plant of $87,000. 9. Pald for the materlals purchased In transaction (2). 10. Applied manufacturing overhead for the month. Elmira uses normal costing. It applies overhead on the basis of materlals costs using an annual, predetermined rate. At the beginning of the year, management estlmated that materlals 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: Required: a. Prepare journal entrles to record these transactions. b. Prepare T-accounts to show the flow of costs during the perlod from Materlals Inventory through Cost of Goods Sold. Answer is not complete. Complete this question by entering your answers in the tabs below
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