Inventory and Accounts Payable Journal Entries Tesco Plc. is the U.K.'s largest grocery store chain. It applies IFRS and reports its results in millions of pounds sterling (). For a recent year, Tesco reported at year-end and at the beginning of the year, as follows:

Merchandise inventory............ End yr 2420 mil Begin yr 1911 mil

Trades payable........ End yr 3936 mil Begin yr 3317

During the year ended Tesco paid its suppliers 43,558 million. Assume that Trade Payables relates only to inventory.

Enter all amounts in millions of pounds sterling.

A. What journal entry did Tesco make to record the payments to suppliers during the year?

B. How much merchandise inventory did Tesco purchase during the year.

What journal entry did it make to record those purchases?

C. What was Tesco's Cost of Goods Sold for the year?

What journal entry did Tesco make to record this cost?