Exercise 6-24 (Static) Basic Cost Flow Model (LO 6-1) Assume that the following events occurred at Lakewood, Incorporated tast month. a. Incurred direct labor costs of $300,000. b. Completed work on 70 percent of the work in process. Costs are assigned equally across all work in process: c. Transferred 80 percent of the materiais purchased to work in process. d. Purchased $550,000 in direct materials. e. Determined that manufacturing overhead was $485,000. f. The inventory accounts have no beginning balances. All costs incurred were debited to the appropriate account and credired to Accounts Payable. Required: Give the amounts for the following items in the Work-in-Process account