On October $29,$ Lobo Company began operations by purchasing razors for resale. The razors have a $90-$day warranty. When a razor is returned, the company discards it and mails a new one from Merchandise Inventory to the customer. The company's cost per new razor is $$20$ and its retail selling price is $$75.$ The company expects warranty costs to equal $8\%$ of dollar sales. The following transactions occurred.

Journal entry worksheet

$1$

$2$

$3$

$4$

$5$

$6$

$7$

$8$

$....$

$12$

Record the cost of goods sold for $105$ razors.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$November $11,$Cost of goods sold,$7,875,],[,$Merchandise inventory,,$7,875],[,,,],[,,,],[,,,],[,,,]]$