Fundamental-of-cost-5Th.pdf + File | C:/Users/NIUSHA/Desktop/Fundamental-of-cost-5Th.pdf Contents 247 of 754 Q Exercises + Connect CD Page view A Read aloud Draw Highlight ACCOUNTING (L.0.3) 6-19. Basic Cost Flow Model 1. 2. The Office Mart store in South Beach experienced the following events during the current year: Incurred $200,000 in marketing costs. Purchased $600,000 of merchandise. 3. Paid $20,000 for transportation-in costs. 4. Incurred $200,000 of administrative costs. 5. H Type here to search 6. Took an inventory at year-end and learned that goods costing $100,000 were on hand. This compared with a beginning inventory of $150,000 on January 1. Determined that sales revenue during the year was $1,500,000. 7. Debited all costs incurred to the appropriate account and credited to Accounts Payable. All sales were for cash. Required Give the amounts for the following items in the Merchandise Inventory account: a. Beginning balance (BB). 6-20. Basic Cost Flow Model Assume that the following events occurred at a division of Generic Electric for March of the current year. b. Transfers-in (TI). C. Ending balance (EB). d. Transfers-out (TO). (L.0.3) O 1. Purchased $45 million in direct materials. 2. Incurred direct labor costs of $24 million. 3. Determined that manufacturing overhead was $40.5 million. 4. Transferred 80 percent of the materials purchased to work in process. 5. Erase 6. Completed work on 72 percent of the work in process. Costs are assigned equally across all work in process. The inventory accounts have no beginning balances. All costs incurred were debited to the appropriate account and credited to Accounts Payable. Required Give the amounts for the following items in the Work-in-Process account: a. b. Transfers-in (TI). Transfers-out (TO). C. Ending balance (EB). H {" 11:47 AM 36C Sunny ENG 7/29/2021