Exercise 4-11 (Static) Inventory and cost of sales transactions in T-accounts LO P1, P2 The following summarizes Teslas merchandising activities for the year. Cost of merchandise sold to customers $ 196,000 Merchandise inventory, beginning-of-year 25,000 Merchandise purchases, gross amount 192,500 Shrinkage on inventory as of year-end 800 Transportation-in for merchandise purchases 2,900 Cost of merchandise returned by customers (and restored to inventory) 2,100 Discounts received from suppliers o