A Small Building- supply company, Top Notch lumber, experienced the following events during the year:
Purchased $820,000 of building material
Paid $20,000 for vehicles and transportation resources
Incurred $400,000 of general and administrative costs
Took a periodic inventory at year-end and learned that building material costing $270,000 was on hand. This compared with a beginning inventory of $300,000 on January 1
Determined that sales revenue during the year was $2,000,000
All cost incurred were added to the appropriate accounts. All sales were for cash.
Required
Given the amounts for the following items in Top Notch Lumber's Building-Material Inventory account:
a. Beginning balance (BB).
b. Transfers in (TI).
c. Ending balance (EB).
d. Transfers out (TO).