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Ralph's Mini-Mart store in Alpine experienced the following events during the current year: 1. Incurred $390,000 in selling costs: 2. Incurred $1.204,000 of administrative costs
Ralph's Mini-Mart store in Alpine experienced the following events during the current year: 1. Incurred $390,000 in selling costs: 2. Incurred $1.204,000 of administrative costs 3. Purchased $410,000 of merchandise. 4. Pald $52,000 for transportation in costs, 5. Took an inventory at year-end and learned that goods costing $183,000 were on hand. This compared with a beginning inventory of $297,000 on January 1 6. Determined that sales revenue during the year was $3,077,000 7. Dobited all costs incurred to the appropriate account and credited to Accounts Payoble. 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 (T) c. Ending balance (EB) d. Transfers-out (TO)
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