What is each component of the basic cost flow model? Describe each component.
What will be an ideal response?
The basic cost flow model is as follows:
Beginning balance + Transfers in - Transfers out = Ending balance.
Beginning balance is the balance of inventory at the beginning of the period. Transfers in represent inventory purchased or transferred in from another department (for example, raw materials would be goods transferred in to work in process) for the period. Transfers out are goods transferred from one department to another (for example, work in process would be transferred out to finished goods). Ending balance represents the amount of inventory in a department at the end of the accounting period.
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