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Ralph's Mini-Mart store in Alpine experienced the following events during the current year: 1. Incurred $389,000 in selling costs. 2. Incurred $1,186,000 of administrative costs.
Ralph's Mini-Mart store in Alpine experienced the following events during the current year: 1. Incurred $389,000 in selling costs. 2. Incurred $1,186,000 of administrative costs. 3. Purchased $384,000 of merchandise. 4. Paid $46,000 for transportation in costs. 5. Took an inventory at year-end and learned that goods costing $189,000 were on hand. This compared with a beginning inventory of $316,000 on January 1. 6. Determined that sales revenue during the year was $3,009,000. 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) Ending balance (EB) d. Transfers-out (TO)
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