The following amounts summarize Anderson Company’s merchandising activities during 2022. Set up T accounts for Merchandise Inventory and Cost of Goods Sold. Then record the activities directly in the T accounts and calculate the account balances.

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Cost of merchandise sold to customers in sales transactions Invoice cost of merchandise purchases Merchandise Inventory balance, December 31, 2021 Purchases returns and allowances received Purchase discounts received Cost of merchandise returned by customers and restored to inventory Cost of transportation $360,000 372,000 70,000 8,200 3,200 2,200 3,800