Merchandise Inventory Adjustments: Periodic Inventory system with Sales Returns and Allowances The following partial work sheet is taken from Karen's Gift Shop for the year ended December 31, 20 - The ending merchandise ir refunds next year for merchandise sold this year. The estimated cost of the returned inventory is $10,000 1. Complete the Adjustments columns for Merchandise Inventory and related accounts. 2. Extend all accounts to the Adjusted Tal Balance columns Merchandise Inventory Adjustments: Periodic Inventory system with Sales Returns and Allowances The following partial work sheet is taken from Karen's Gift Shop for the year ended December 31, 20 - The ending merchandise ir refunds next year for merchandise sold this year. The estimated cost of the returned inventory is $10,000 1. Complete the Adjustments columns for Merchandise Inventory and related accounts. 2. Extend all accounts to the Adjusted Tal Balance columns