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Ralph's Mini-Mart store in Alpine experienced the following events during the current year:    1

Accounting

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Ralph's Mini-Mart store in Alpine experienced the following events during the current year:

  

1. Incurred $402,000 in selling costs.

2. Incurred $1,208,000 of administrative costs.

3. Purchased $398,000 of merchandise.

4. Paid $25,000 for transportation-in costs.

5. Took an inventory at year-end and learned that goods costing $188,000 were on hand. This compared with a beginning inventory of $287,000 on January 1.

6. Determined that sales revenue during the year was $3,099,000.

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. Transfer In

C. Ending balance

D. Transfers Out