Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ralphs Mini-Mart store in Alpine experienced the following events during the current year: 1. Incurred $389,000 in selling costs. 2. Incurred $1,193,000 of administrative costs.

Ralphs Mini-Mart store in Alpine experienced the following events during the current year: 1. Incurred $389,000 in selling costs. 2. Incurred $1,193,000 of administrative costs. 3. Purchased $410,000 of merchandise. 4. Paid $44,000 for transportation-in costs. 5. Took an inventory at year-end and learned that goods costing $210,000 were on hand. This compared with a beginning inventory of $312,000 on January 1. 6. Determined that sales revenue during the year was $2,917,000. 7. Debited all costs incurred to the appropriate account and credited to Accounts Payable. All sales were for cash.image text in transcribed

Ralph's Mini-Mart store in Alpine experienced the following events during the current year: 1. Incurred $389,000 in selling costs. 2. Incurred $1,193,000 of administrative costs. 3. Purchased $410,000 of merchandise. 4. Paid $44,000 for transportation-in costs 5. Took an inventory at year-end and learned that goods costing $210,000 were on hand. This compared with a beginning inventory of $312,000 on January 1 6. Determined that sales revenue during the year was $2,917,000 7. Debited all costs incurred to the appropriate account and credited to Accounts Payable. All sales were for cash Required: Give the amounts for the following items in the Merchandise Inventory account: Amount a. Beginning balance (BB) b. Transfers-in (TI) c. Ending balance (EB) d. Transfers-out (TO)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting What the Numbers Mean

Authors: David H. Marshall, Wayne W. McManus, Daniel F. Viele

10th edition

9780077515904, 007802529X, 77515900, 978-0078025297

More Books

Students also viewed these Accounting questions