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Forest Components makes aircraft parts. The following transactions occurred in July.
The following balances appeared in the inventory accounts of Forest Components for July.
Beginning Ending
Materials Inventory ? $12,460
Work-in-Process Inventory ? 10,520
Finished Goods Inventory $2,610 7,030
Cost of Goods Sold ? 74,400
Required:
Problem a. Prepare journal entries to record these transactions.
Problem b. Prepare T-accounts to show the flow of costs during the period from Materials Inventory through Cost of Goods Sold.
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