Business, 07.03.2020 03:03 roofroofmom
Ralph’s Mini-Mart store in Alpine experienced the following events during the current year:1. Incurred $270,000 in selling costs.2. Incurred $180,000 of administrative costs.3. Purchased $870,000 of merchandise.4. Paid $30,000 for transportation-in costs.5. Took an inventory at year-end and learned that goods costing $140,000 were on hand. This compared with a beginning inventory of $225,000 on January 1.6. Determined that sales revenue during the year was $2,600,000.7. 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:a. Beginning balance ?b. Transfers-in(TI) ?c. Ending balance (EB)?d. Transfer out (TO)
Answers: 3
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Ralph’s Mini-Mart store in Alpine experienced the following events during the current year:1. Incurr...
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