The Office Mart store in South Beach experienced the following events during the current year: 1. Incurred $420,000 in marketing costs. 2. Purchased...

  • Field: Business Finance - Accounting
  • Posted5 years ago
  • Budget:  $999999.99
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The Office Mart store in South Beach experienced the following events during the current year: 1. Incurred $420,000 in marketing costs. 2. Purchased $1,207,000 of merchandise. 3. Paid $58,000 for transportation-in costs. 4. Incurred $396,000 of administrative costs. 5. Took an inventory at year-end and learned that goods costing $213,000 were on hand. This compared with a beginning inventory of $288,000 on January 1. 6. Determined that sales revenue during the year was $3,153,000. 7. Debited all costs incurred to the appropriate account and credited to Accounts Payable. All sales were for cash. Required: Give the amounts for the following items in the Merchandise Inventory account (Omit the "$" sign in your response):