The following supplementary records summarize Tesla Company's merchandising activities for year 2017 (it uses a perpetual inventory system). Cost of merchandise sold to customers in sales transactions Merchandise inventory, December 31, 2016 Invoice cost of merchandise purchases, gross amount Shrinkage determined on December 31, 2017 Cost of transportation-in Cost of merchandise returned by customers and restored to inventory Purchases discounts received Purchases returns and allowances $ 277,000 40,220 283,980 760 2,840 2,650 2,272 4,400 Record the summarized activities in the T-accounts below. Balance, Dec 31, 2017 Invoice cost of purchases Transportation-in Returns by customers Merchandise Inventory 40,220 Invoice cost of purchases 283,980 Shrinkage 2,840 Purchases discounts received 2,650 Purchases returns and allowances 38,278 283,980 760 2,272 4,400 Cost of Goods Sold