Cranbrook Used Books experienced the following events during the current year: a. Incurred $12,000 in selling...
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Cranbrook Used Books experienced the following events during the current year: a. Incurred $12,000 in selling costs. b. Took an inventory at year-end and learned that goods costing $155,000 were on hand. This compared with a beginning inventory of $82,000 on January 1. c. Purchased $204,000 of merchandise. d. Incurred $56,000 of administrative costs. e. Determined that sales revenue during the year was $187,000. f. Paid $4,500 for transportation-in costs. g. 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. Ending balance (EB) b. Transfers-in (TI) c. Beginning balance (BB) d. Transfers-out (TO) Check my work Amount Cranbrook Used Books experienced the following events during the current year: a. Incurred $12,000 in selling costs. b. Took an inventory at year-end and learned that goods costing $155,000 were on hand. This compared with a beginning inventory of $82,000 on January 1. c. Purchased $204,000 of merchandise. d. Incurred $56,000 of administrative costs. e. Determined that sales revenue during the year was $187,000. f. Paid $4,500 for transportation-in costs. g. 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. Ending balance (EB) b. Transfers-in (TI) c. Beginning balance (BB) d. Transfers-out (TO) Check my work Amount
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Related Book For
Fundamentals of Cost Accounting
ISBN: 978-0078025525
4th edition
Authors: William Lanen, Shannon Anderson, Michael Maher
Posted Date:
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