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101 102 103 104 105 106 107 108 201 202 203 301 Cash Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Prepaid Rent Store Supplies Store Furniture Accumulated Depreciation - Store Furniture Accounts Payable Salaries Payable Unearned sales Maria Lopez, Capital Sales Sales Return and Allowances Cost of Goods Sold Utilities Expense Salaries Expense Rent Expense Taxes and Licenses Expense Store Supplies Expense Depreciation Expense - Store Furniture Doubtful Accounts Expense Miscellaneous Expense Income Summary 401 402 501 502 503 504 505 506 507 508 509 510 Merchandise Inventory 85,500.00 3,200.00 12,142.86 15,714.29 25,714.29 28,728.56 COGS 12,142.86 15,714.29 25,714.29 53,571.43 Sales 17,000.00 22,000.00 36,000.00 75,000.00 Sales 75,000.00 COGS 53,571.43 Gross Profit 21,428.57 The Manu Merchandising uses a perpetual inventory system. The gross profit is 40% based on cost. Thus, to compute the cost of goods sold in sales transaction, the amounts were divided to 140% or 1.40. The Manu Merchandising has an unadjusted trial balance in inventory of 28,728.56 and 53,571.43 cost of goods sold. However, the merchandise inventory at the end of the month is 10,500 based on physical count. If the amount in the record will be used to compute the gross profit. It shows that the gross profit (21,428.57) is 40% of cost, so it is correct. What should be the journal entry to match the inventory record to the physical count of inventory? The gross profit must be still 40%. Refer to the chart of accounts for the accounting titles to be used. Is there missing inventory? Justify your answer by giving proofs such as computation