At the end of last year, Baron’s Bazaar had merchandise costing $381,000 in inventory. During January of the current year, the company purchased merchandise costing $133,500, and sold merchandise which it had purchased at a total cost of $109,300.
Assume that Baron’s Bazaar uses a periodic inventory system and takes a physical inventory only at year-end (December 31). (Note:$0 may be an appropriate answer to one or more of the following questions.)
(1) The total amount debited to the Inventory account during January was:
$________________
(2) The balance in the Inventory account at January 31 was:
$________________
(3) The amount of costs transferred from the Inventory account to the Cost of Goods Sold account during January was:
$________________
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