Basic Cost Flow Model: The following events took place at the Fleetfoot Shoe Corp. for the current year.

1 . Purchased $80,000 in direct materials.

2. Incurred direct labor costs of $42,000.

3. Purchased manufacturing equipment for $67,200.

4. Other manufacturing overhead was $92,000.

5. Transferred 70 percent of the materials purchased to work in process.

6. Completed work on 60 percent of the goods in process. Costs are assigned equally across all work in process.

7. Sold 90 percent of the completed goods.

There were no beginning balances in the inventory accounts. All costs incurred were debited to the appropriate account and credited to Accounts Payable.

Identify the following Required:

a. Beginning balance (BB) in Work in Process account.

b. Transfers-in (TI) to Work in Process account.

c. Transfers-out (TO) of Work in Process account.

d. Ending balance (EB) in Work in Process account.