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Forest Components makes aircraft parts. The following transactions occurred in July 1. Purchased $16.880 of materials on account 2 Issued $16,730 in direct materials to the production department 3. Issued $1,360 of supplies from the materials inventory 4. Paid for the materials purchased in transaction (1) using cash 5. Returned $2,040 of the materials issued to production in (2) to the materials inventory 6. Direct labor employees eamed $32,900, which was paid in cash 7. Purchased miscellaneous items for the manufacturing plant for $17.240 on account 8. Recognized depreciation on manufacturing plant of $35,800 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 $435,700 Estimated overhead for the year was $400,844 The following balances appeared in the inventory accounts of Forest Components for July Beginning Ending Materials Inventory 2 $12,400 Materials Inventory Work in Process Inventory Finished Goods Inventory Cost of Goods Sold Beginning endin 2 $12,440 2 10,560 52.650 5,960 73.700 Required: a. Prepare journal entries to record these transactions b. Prepare Toccounts 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 Requited Prepare journal entries to record these transactions (tr no entry is required for a transaction/evento selecting journal entry feed the next sccount hield) View transaction list Journal entry worksheet > H Issued $1,360 of supplies from the materials inventory. Note: Enter debits before credits. Transaction General Journal Debit Credit 3 Record entry Clear entry View general journal Journal entry worksheet A > . G E F B D F G D E G H Direct labor employees eamed $32,900, which was paid in cash. Note: Enter debits before credits Debit Credit Transaction General Journal 6 Record entry Clear entry View general journal Manufacturing overed Control Applied Manufacturing overhead Beg bar Beg bal End bal End bal Accounts Payable Cat Beg bal Begal Linda End ball Finished Goods inventory Accumulate Depreciation Property Plant, and Equipment Bo Dal Beg bal Transfer to con

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