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Forest Components makes aircraft parts. The following transactions occurred in July 1. Purchased $16,870 of materials on account 2 Issued $16,840 in direct matenials to the production department. 3 Issued $1.200 of supplies trom the materials inventory 4 Paid for the materials purchased in transaction (1) using cash 5 Retuned $2,140 of the materials issued to production in (2) to the materials inventory 6. Direct labor employees eamed $32,400, which was paid in cash 7. Paid $17,370 for miscelaneous tems for the manufacturing plant. Accounts Payable was credited 8 Recognized depreciation on manufacturing plant of $36,800 9 Applied manufacturing overhead for the month Forest uses normal costing It apples overhead on the basis of airect labor costs using an annual, predetermined rate At the beginning of the year, management estimated that direct labor costs for the year would be $435,600 Estimated overhead for the year was $431,244 The tollowing balances appeared in the inventory accounts of Forest Components for July Beginning Ending Materials Inventory Work-in-Process Inventory Finished Goods Inventory 2 650 24 300 10,660 6,980 Cost of Goods Sold Required: 3. Prepare journal entnies to record these transactions (If no entry is required for a transaction event, select "No journal entry required in the first account field.)

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