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File Edit View History Bookmarks Window Help ezto.mheducation.com The Joy of Con. Co Assignment Re 3C Media Solut.. Question 5 (of 8) value 3.00 points The following supplementary records summarize Tosca Company's merchandising activities for year 2015. Assume Tosca Company uses a perpetual inventory system. Cost of merchandise sold to customers in sales transactions Merchandise inventory, December 31, 2014 Invoice cost of merchandise purchases Shrinkage determined on December 31, 2015 Cost of transportation-in Cost of merchandise returned by customers and restored to inventory Purchase discounts received Purchase returns and allowances $ 196,000 25,000 192,500 800 2,900 2,100 1,700 4,000 Record the summarized activities in the T-accounts below. Merchandise Inventory Cost of Goods Sold
Explanation / Answer
Merchandise inventory
Balance, Dec 31, 2014
25000
Purchase discount received
1700
Invoice cost of Purchases
192500
Shrinkage
800
Freight in
2900
Purchase Returns and allowances
4000
Merchandise returned by customer
2100
Cost of sales
196000
Balance, Dec 31, 2015 (Bal. fig)
20000
Total
222500
Total
222500
Cost of goods sold
Cost of sales
196000
Returns by Customers
2100
Inventory Shrinkage
800
Balance, Dec 31, 2015 (bal. fig.)
194700
Total
196800
Total
196800
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Merchandise inventory
Balance, Dec 31, 2014
25000
Purchase discount received
1700
Invoice cost of Purchases
192500
Shrinkage
800
Freight in
2900
Purchase Returns and allowances
4000
Merchandise returned by customer
2100
Cost of sales
196000
Balance, Dec 31, 2015 (Bal. fig)
20000
Total
222500
Total
222500
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