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Nix'It Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'It uses the perpetual inventory system). Merchandise
Nix'It Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'It uses the perpetual inventory system).
Merchandise inventory$42,800Sales returns and allowances$5,500T. Nix, Capital125,300Cost of goods sold108,000T. Nix, Withdrawals7,000Depreciation expense11,300Sales159,600Salaries expense37,500Sales discounts3,900Miscellaneous expenses5,000
A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $41,150.
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