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Ralphs Mini-Mart store in Alpine experienced the following events during the current year: 1. Incurred $402,000 in selling costs. 2. Incurred $1,194,000 of administrative costs.
Ralphs Mini-Mart store in Alpine experienced the following events during the current year:
- 1. Incurred $402,000 in selling costs.
- 2. Incurred $1,194,000 of administrative costs.
- 3. Purchased $408,000 of merchandise.
- 4. Paid $43,000 for transportation-in costs.
- 5. Took an inventory at year-end and learned that goods costing $196,000 were on hand. This compared with a beginning inventory of $282,000 on January 1.
- 6. Determined that sales revenue during the year was $2,901,000.
- 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:
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