Use the following information for the Quick Study below.

[The following information applies to the questions displayed below.]

Nix'It Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'It uses the perpetual inventory system).

Merchandise inventory$43,300Sales returns and allowances$5,400T. Nix, Capital126,300Cost of goods sold108,300T. Nix, Withdrawals7,000Depreciation expense11,400Sales160,100Salaries expense38,000Sales discounts4,000Miscellaneous expenses5,000

A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $41,600.