Work Sheet Extensions for Merchandise Inventory Adjustments: Periodic Inventory System 1. Complete the Adjustments columns for the merchandise inventory. 2. Extend the merchandise inventory to the Adjusted Trial Balance and Balance Sheet columns. 3. Extend the remaining accounts to the Adjusted Trial Balance and Income Statement columns. 4. Prepare a cost of goods sold section from the partial work sheet. The following partial work sheet is taken from Kevin's Gift Shop for the year ended December 31, 20--. The ending merchandise inventory is $52,725. Kevin's Gift Shop Work Sheet (Partial) For Year Ended December 31, 20-- ACCOUNT TITLE TRIAL BALANCE ADJUSTMENTS DEBIT CREDIT DEBIT CREDIT Merchandise Inventory 38,160 Income Summary Purchases 92,325 Purchases Returns and Allowances 1,945 Purchases Discounts 3,215 Freight-In 425 1. Complete the Adjustments columns for the merchandise inventory. 2. Extend the merchandise inventory to the Adjusted Trial Balance and Balance Sheet columns. 3. Extend the remaining accounts to the Adjusted Trial Balance and Income Statement columns. Kevin's Gift Shop Work Sheet (Partial) For Year Ended December 31, 20-- ACCOUNT TITLE TRIAL BALANCE ADJUSTMENTS ADJUSTED TRIAL BALANCE INCOME STATEMENT BALANCE SHEET DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT Merchandise Inventory 38,160 Income Summary Purchases 92,325 Purchases Returns and Allowances 1,945 Purchases Discounts 3,215 Freight-In 425 4. Prepare a cost of goods sold section from the partial work sheet. Kevin's Gift Shop Cost of Goods Sold Section Cost of goods sold: $ $ $ Net purchases $ $ Cost of goods sold $