The following amounts summarize Transeer Company s

merchandising activities during 2014 #4367

The following amounts summarize Transeer Company's merchandising activities during 2014.
Set up T-accounts for Merchandise Inventory and Cost of Goods Sold. Then record the
activities directly in the accounts and calculate the account balances.Cost of merchandise sold
to customers in sales transactions ............... $180,000Merchandise inventory balance, Dec. 31,
201 3 ................................. 35,000Invoice cost of merchandise
purchases.......................................... 186,000Shrinkage determined on Dec. 31,
2014........................................... 31,000Cost of transportation-in
............................................................. 1,900Cost of merchandise returned by customers and
restored to inventory......... 2,200Purchase discounts
received.......................................................... 1,600Purchase returns and allowances
received.......................................... 4,100Analysis Component: You are the inventory manager
and have reviewed these numbers. Comment on the shrinkageView Solution:
The following amounts summarize Transeer Company s merchandising activities during 2014

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