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The following summarizes Tesla's merchandising activities for the year
The following summarizes Tesla's merchandising activities for the year.
Cost of merchandise sold to customers$183,000
Merchandise inventory, beginning year 26,572
Cost of merchandise purchases, gross amount 187,612
Shrinkage on merchandise as of year-end 820
Cost of transportation-in for merchandise purchases 1,876
Cost of merchandise returned by customers and restored to inventory 2,600
Discounts received from suppliers on merchandise purchases 1,501
Returns to and allowances from suppliers on merchandise purchases 4,400
Enter the summarized activities in the two T-accounts below.
What is the T-account for cost of goods sold?
Cost of Goods Sold
1. $ 1. $
2. $ 2. $
3. $ Total
Expert Solution
| Cost of Goods Sold | |||
| Cost of merchandise sold | $183,000 | Returns from customers | $2,600 |
| Shrinkage on merchandise | $820 | ||
| Balance, end of year | $181,220 |
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