Smooth Sailing Company,experienced the Following Events During 2016

question 61

Essay

Smooth Sailing Company,experienced the following events during 2016:
Purchased $1,800,000 of lumber and other materials for building boats.Incurred $200,000 for advertising.Paid $60,000 to have lumber transported to its factory.Had sales revenue of $6,000,000 during the year.Incurred $400,000 of general and administrative expenses.Took a periodic inventory at year-end and determined that material costing $400,000 was on hand.The inventory at the beginning of the year was $200,000.All costs incurred were added to the appropriate accounts.All sales were on credit.Required:
Solve for the following items in Smooth Sailing Company's Raw-Material inventory account:
a)Transfers in (TI).b)Beginning balance (BB).c)Transfers out (TO).d)Ending balance (EB).