Question
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.
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
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