Power Records, Inc., experienced the following events during the current year:

1. Incurred marketing costs of $250,000.

2. Purchased $800,000 of merchandise.

3. Paid $20,000 for transportation-in costs.

4. Incurred $400,000 of administrative costs.

5. Took a periodic inventory at year-end and learned that goods with a cost of

$250,000 were on hand. This compared with a beginning inventory of $300,000 on January 1

.

6. Sales revenue during the year was $2,000,000.

All costs incurred were debited to the appropriate account and credited to Accounts Payable. All sales were for cash.

Identify the following:

a. Beginning Balance (BB), Merchandise Inventory account.

b. Transfers-in (TI), Merchandise Inventory account.

c. Ending Balance (EB), Merchandise Inventory account.

d. Transfers-out (TO), Merchandise Inventory account.