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b.Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold.

CoursHeroTranscribedText: 1. Purchased $119,000 of materials on account. 2. Issued $117,600 in direct materials to the production department. 3. Issued $8,400 of supplies from the materials Inventory. 4. Paid for the materials purchased in transaction (1) using cash. 5. Returned $15,400 of the materials Issued to production In (2) to the materials Inventory 6. Direct labor employees earned $217,000, which was paid in cash. 7. Purchased miscellaneous items for the manufacturing plant for $120.400 on account. B. Recognized depreciation on manufacturing plant or $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 year was $2,790,000. beginning of the year, management estimated that direct labor costs for the year would be $3,000,000. Estimated overhead for the The following balances appeared in the Inventory accounts of Forest Components for July. Materials Inventory Beginning work - in -Process Inventory 388, 208 Finished Goods Inventory $18, 280 73, 586 Cost of Goods Sold 49, 798 521, 588 Required: n. 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. @ Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required 8 Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold. Materials Inventory Work-In-Process Inventory 79,800 Beg. bal 119,000 15,400 0 o Transferred to Finished Goods 214,200 End. bat Manufacturing Overhead Control Applied Manufacturing Overhead Beg. bad. Beg. bal End. bal End. bal Accounts Payable Cash Beg. ba Beg. bal End. bat Accumulated Depreciation-Property, Plant, and Equipment Finished Goods Inventory Beg. bal Goods completed Transter to Cost of Goods Sold End. bal End. bal. Cost of Goods Sold Beg. bal

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