Forest Components makes aircraft parts. The following transactions occurred in July:

Purchased $16,880 of materials on account.
Issued $16,860 in direct materials to the production department.
Issued $1,360 of supplies from the materials inventory.
Paid for the materials purchased in transaction (1) using cash.
Returned $2,040 of the materials issued to production in (2) to the materials inventory.
Direct labor employees earned $31,400, which was paid in cash.
Paid $17,220 for miscellaneous items for the manufacturing plant. Accounts Payable was credited.
Recognized depreciation on manufacturing plant of $35,400.
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 $435,100. Estimated overhead for the year was $431,145.
The following balances appeared in the inventory accounts of Forest Components for July:

Beginning Ending
Materials Inventory ? $12,480
Work-in-Process Inventory ? 10,600
Finished Goods Inventory $2650 $6,960
Cost of Goods Sold ? 73,700

1 Materials inventory 16,880
Accounts payable 16,880
2 Work-in-process—direct materials 16,860
Materials inventory 16,860
3 Manufacturing overhead control 1,360
Materials inventory 1,360
4 Accounts payable 16,880
Cash 16,880
5 Materials inventory 2,040
Work-in-process—direct materials 2,040
6 Work-in-process—direct labor 31,400
Cash 31,400
7 Manufacturing overhead control 17,220
Accounts payable 17,220
8 Manufacturing overhead control 35,400
Accumulated depreciation—plant 35,400
9 Work-in-process—overhead 27,946
Applied manufacturing overhead 27,946

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