The following supplementary records summarize Tesla Company\'s merchandising act

Question

The following supplementary records summarize Tesla Company's merchandising activities for year 2017 (t uses a perpetual inventory system) Cost of merehandise sold 231.0 3,541 236,821 invoice oes ot merebahdise purehases, gross amount inkage determined on Decenber 31, 2017 Cost of transportation-in Cost ot merchandise returned by eustomers and restored to inventory 2,368 2,200 returned by eustomers and restored to Purchases returns and allovances Record the summarized activities in the T-accounts below Prev1of 6 8 3 4 5

Explanation / Answer

Merchandise Inventory Balance, Dec. 31, 2016          33,541 Cost of sales transactions        231,000 Invoice cost of purchases        236,821 Purchases returns and allowances            3,600 Returns by customers            2,200 Purchases discounts received            1,895 Transportation-in            2,368 Shrinkage               840 Balance, Dec. 31, 2017          37,595 Cost of Goods Sold Cost of sales transactions        231,000 Returns by customers            2,200 Shrinkage               840 Balance, Dec. 31, 2017        229,640

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