Ralph’s Mini-Mart store in Alpine experienced the following events during the current year: 1. Incurred $391,000 in selling costs. 2. Incurred $1,216,000 of administrative costs. 3. Purchased $381,000 of merchandise. 4. Paid $35,000 for transportation-in costs. 5. Took an inventory at year-end and learned that goods costing $202,000 were on hand. This compared with a beginning inventory of $311,000 on January 1. 6. Determined that sales revenue during the year was $2,972,000. 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: Beginning Balance = Transfers In = Transfers Out = Ending Balance =
Ralph’s Mini-Mart store in Alpine experienced the following events during the current year: 1. Incurred $391,000 in selling costs. 2. Incurred $1,216,000 of administrative costs. 3. Purchased $381,000 of merchandise. 4. Paid $35,000 for transportation-in costs. 5. Took an inventory at year-end and learned that goods costing $202,000 were on hand. This compared with a beginning inventory of $311,000 on January 1. 6. Determined that sales revenue during the year was $2,972,000. 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: Beginning Balance = Transfers In = Transfers Out = Ending Balance =
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 3RE: Shaquille Corporation began the current year with inventory of 50,000. During the year, its...
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Ralph’s Mini-Mart store in Alpine experienced the following events during the current year:
- 1. Incurred $391,000 in selling costs.
- 2. Incurred $1,216,000 of administrative costs.
- 3. Purchased $381,000 of merchandise.
- 4. Paid $35,000 for transportation-in costs.
- 5. Took an inventory at year-end and learned that goods costing $202,000 were on hand. This compared with a beginning inventory of $311,000 on January 1.
- 6. Determined that sales revenue during the year was $2,972,000.
- 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:
Beginning Balance =
Transfers In =
Transfers Out =
Ending Balance =
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