Instructions Merchandise Inventory Adjustments Costs of Goods Sold Instructions ork Sheet Extensions for Merchandise Inventory Adjustments: Periodic Inventory System 1. Complete the Adjustments columns for the merchandise inventory. 2. Extend the merchandise inventory to the Adjusted Trial Balance and Balance Sheet columns. 3. Extend the remaining accounts to the Adjusted Trial Balance and Income Statement columns. 4. Prepare a cost of goods sold section from the partial work sheet. The following partial work sheet is taken from Kevin's Gift Shop for the year ended December 31, 20-. The ending merchandise inventory is $50,165 Kevin's Girt Shop Work Sheet (Partial) For Year Ended December 31, 20-- TRIAL BALANCE ADJUSTMENTS DEBIT CREDIT DEBIT CREDIT 37,650 ACCOUNT TITLE Merchandise Inventory