Question $4$

At the end of last year, Casey$$s Center had merchandise costing $$340,000$ in inventory. During

January of the current year, the company purchased merchandise costing $$115,000,$ and sold

merchandise which it had purchased at a total cost of $$93,000.$

a Assume that Casey$$s Center uses a perpetual inventory system.

$(1)$ The total amount debited to the Inventory account during January was

$$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

$(2)$ The balance in the Inventory account at January $31$ was: $$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

$(3)$ The amount of costs transferred from the Inventory account to the Cost of Goods Sold

account during January was: $$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

b Assume that Casey$$s Center uses a periodic inventory system and takes a physical inventory

only at year$-$end $($December $31).($Note: $$0$ may be an appropriate answer to one or more of

the following questions.$)$

$(1)$ The total amount debited to the Inventory account during January was

$$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

$(2)$ The balance in the Inventory account at January $31$ was: $$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$

$(3)$ The amount of costs transferred from the Inventory account to the Cost of Goods Sold

account during January was: $$\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$