B) $13,000 C) $64,000 D) $220,000 company that uses a perpetual inventory system purchased inventory on account and later returned goods worth $600 to the vendor. Which of the following would be the correct journal entry to record these returns? Accounts Payable Accounts Payable 600 Purchase Returns ferchandise Inventory Accounts Payable 60 able 21. The the periodic inventory system requires updating the inventory account only at the end of period to reflect the quantity and cost of both the goods available and the goods sold. A) True. B) False. 22. On the balance sheet of a retailer, the Merchandise Inventory account A) is not included because it is an income statement account B) is included in the current assets section C) is listed after prepaid assets D) represents the value of inventory that has been sold during the period Under the periodic inventory system, purchases, purchase discounts, and purchase returns and allowances are recorded in the Merchandise Inventory account as and when they occur 23. A) True. B) False. 24. From the following details of a merchandiser, calculate the Cost of Goods Sold. (Assume the merchandiser uses the periodic inventory system.) et Sales $198,000 rchases urchases Returns and Allowances urchases Discounts reight In 92,000 1,800 1,25 1,59 63 Beginning Merchandise Inventory 4 Ending Merchandise Inventory 37, A) $116,540 B) $81,460 C) $114,950 D) $53,540 25. Which of the following is TRUE of freight in? A) It is an administrative expense. B) It is a selling expense. C) It is the transportation cost on purchases. D) It is the transportation cost on sales. ROBLEMS roblem # 1 5 POINTS) asiing tronsactions for Park Gift Shop. Expl