The following summarizes Tesla’s merchandising activities for the year. Set up T-accounts for Merchandise Inventory and for Cost of Goods Sold. Enter each line item into one of the two T-accounts and compute the T-account balances. Cost of merchandise sold to customers . $196,000 Merchandise inventory, beginning-year . 25,000 Cost of merchandise purchases, gross amount . 192,500 Shrinkage on merchandise as of year-end . 800 Cost of transportation-in for merchandise purchases . 2,900 Cost of merchandise returned by customers and restored to inventory 2,100 Discounts received from suppliers on merchandise purchases 1,700 Returns to and allowances from suppliers on merchandise purchases . 4,000

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A: Given: Merchandise sold =$8780000Cost of goods sold =$5531400

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A:

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A:

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A: Hi student Since there are multiple subparts, we will answer only first three subparts.

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.