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The following supplementary records summarize Tosca Company's merchandising activities for year 2015. Assume Tosca Company uses a perpetual inventory system 240,000 Cost of merchandise sold
The following supplementary records summarize Tosca Company's merchandising activities for year 2015. Assume Tosca Company uses a perpetual inventory system 240,000 Cost of merchandise sold to customers in sales transactions$ 34,848 246,048 Merchandise inventory, December 31, 2014 Invoice cost of merchandise purchases Shrinkage determined on December 31, 2015 Cost of transportation-in Cost of merchandise returned by customers and restored to Purchase discounts received Purchase returns and allowances 01 810 2,460 1,800 1,968 inventory es Record the summarized activities in the T-accounts below Merchandise Inventory 0
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