Exercise 4-8 Inventory and cost of sales transactions in T-accounts LO P1, P2

The following supplementary records summarize Tesla Companys merchandising activities for year 2017 (it uses a perpetual inventory system).

Cost of merchandise sold to customers in sales transactions	$	245,000
Merchandise inventory, December 31, 2016		35,574
Invoice cost of merchandise purchases, gross amount		251,174
Shrinkage determined on December 31, 2017		750
Cost of transportation-in		2,512
Cost of merchandise returned by customers and restored to inventory		2,900
Purchases discounts received		2,009
Purchases returns and allowances		4,400

Record the summarized activities in the T-accounts below.