Ralph\'s Mini-Mart store in Alpine experienced the following events during the c

Question

Ralph's Mini-Mart store in Alpine experienced the following events during the current year: 1. Incurred $412,000 in selling costs. 2. Incurred $1,205,000 of administrative costs. 3. Purchased $393,000 of merchandise. 4. Paid $48,000 for transportation-in costs 5. Took an inventory at year-end and learned that goods costing $184,000 were on hand. This compared with a beginning inventory of $284,000 on January 1. 6. Determined that sales revenue during the year was $3,124,000. 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)

Explanation / Answer

Amount a. Beginning balance (BB) $284,000 b. Transfers­in (TI)[$393,000 + $48,000) $441,000 c. Ending balance (EB) $184,000 d. Transfers­out (TO)[$284,000 + $441,000 - $184,000) $541,000

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