Required information [The following information applies to the questions displayed below.) Nix'lt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'lt uses the perpetual inventory system). $ Merchandise inventory Retained earnings Dividends Sales Sales discounts $ 39,300 118,300 7,000 159,600 3,200 Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses 6,200 105,900 10,600 34,000 5,000 A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $38,000. Required information [The following information applies to the questions displayed below.) Nix'lt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'lt uses the perpetual inventory system). $ Merchandise inventory Retained earnings Dividends Sales Sales discounts $ 39,300 118,300 7,000 159,600 3,200 Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses 6,200 105,900 10,600 34,000 5,000 A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $38,000