4 [20 points] The following amounts summarize Southgate Inc.'s merchandising activities during 2014, (a) Merchandise Inventory balance, December 31, 2013 (b) Cost of merchandise sold to customers in sales transactions (c) Invoice cost of merchandise purchases 31,000 126,500 155.000 (d) Shrinkage determined on December 31, 2014 (e) Cost of Transportation-in 8.500 (f) Cost of merchandise returned by customers and restored to inventory (g) Purchase discounts received 11,200 4.200 800 (h) Purchase returns and allowances received 3,900 Record these activities directly in the T-accounts below and compute the account balances. Use the letter beside each activity to identify the entries, by placing the letter in the left-hand cell and the amount in the right-hand cell on the appropriate side of the T-account. When determining the balance of each account, Write 'Balance' (or 'Bal) next to it, in the left-hand cell on the appropriate side. Be sure to include only the final adjusted balance. Cost Of Goods Sold Merchandise Inventory Official Time: 14:23:11 SUBMIT AND MARK SAVE AND CLOSE ENG OF