To determine the beginning and ending balances for Merchandise Inventory, we need to subtract the changes in the inventory from the previous period from the beginning balance.
However, based on the information provided, we only have the figures for the income statement section of the worksheet and no specific information regarding inventory changes or the beginning balance for Merchandise Inventory. Without this information, it is not possible to determine the beginning and ending balances for Merchandise Inventory accurately.
To find the beginning and ending balances for Merchandise Inventory, you would need additional information such as the beginning balance, purchases, sales, and any adjustments or write-offs made throughout the year. With this data, you can calculate the ending balance by adding the beginning balance, purchases, and adjustments, and subtracting the sales and write-offs.
It's important to note that the income statement section typically does not provide information on inventory balances. The income summary account on the line of the worksheet represents the net income or loss for the period after taking into account all revenues, expenses, gains, and losses.