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Ralph's Mini-Mart store in Alpine experienced the following events during the current year: 1. Incurred $413,000 in selling costs. 2. Incurred $1,208,000 of administrative
Ralph's Mini-Mart store in Alpine experienced the following events during the current year: 1. Incurred $413,000 in selling costs. 2. Incurred $1,208,000 of administrative costs. 3. Purchased $389,000 of merchandise. 4. Paid $51,000 for transportation-in costs. 5. Took an inventory at year-end and learned that goods costing $205,000 were on hand. This compared with a beginning inventory of $283,000 on January 1 6. Determined that sales revenue during the year was $3,129.000. 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 Beginning balance (BB) b. Transfers in (T) Ending balance (EB) d. Transfers-out (TO) Amount
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