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Ralph's Mini-Mart store in Alpine experienced the following events during the current year: 1. Incurred $403,000 in selling costs. 2. Incurred $1,206,000 of administrative costs,
Ralph's Mini-Mart store in Alpine experienced the following events during the current year: 1. Incurred $403,000 in selling costs. 2. Incurred $1,206,000 of administrative costs, 3. Purchased $396,000 of merchandise, 4. Paid $39,000 for transportation in costs. 5. Took an inventory at year-end and learned that goods costing $215,000 were on hand. This compared with a beginning inventory of $290,000 on January 1. 6. Determined that sales revenue during the year was $3,178,000. 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)
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