3 Operating costs incurred by a manufacturing company become either part of the cost of inventory to be expensed as cost of goods sold at the time the finished goods are sold or expenses at the time they are incurred. Choose the appropriate category for each of the following costs. 10 points eBook a. Wages of factory workers b. Costs of raw materials purchased c. Sales salaries d. Heat, light, and power for the factory building e. Heat, light, and power for the headquarters office building Expense as incurred Print Part of inventory References 4. JCPenney Company, Inc., is a major department store chain. The dominant portion of the company's business consists of providing merchandise and services to consumers through department stores and online. In a prior annual report, JCPenney reported cost of goods sold of $8,174 million, ending inventory for the current year of $2,762 million, and ending inventory for the previous year of $2,854 million. 10 points Required: Develop a reasonable estimate of the merchandise purchases for the year. (Enter your answers in millions.) eBook million Print Accounts payable million million Accounts receivable million References Beginning inventory Cash Cost of goods sold Ending inventory 4 JCPenney Company, Inc., is a major department store chain. The dominant portion of the company's business consists of providing merchandise and services to consumers through department stores and online. In a prior annual report, JCPenney reported cost of goods sold of $8,174 million, ending inventory for the current year of $2,762 million, and ending inventory for the previous year of $2,854 million. 10 points Required: Develop a reasonable estimate of the merchandise purchases for the year. (Enter your answers in millions.) eBook million Print million Cost of goods sold million million Ending inventory References Purchases Sales discount Sales revenue