DETERMINING THE BEGINNING AND ENDING INVENTORY FROM A PARTI AL
SPREADSHEET: PERIODIC INVENTORY SYSTEM From the following partial spreadsheet, indicate the dollar amount of beginning and ending merchandise inventory to be used to compute cost of goods sold.
Extracted text: B D AD JUSTMENTS ADUSTED TRAL BALAMCE ACCOUNT TITLE 2 DENT CRECIT DEBIT CIEDIT 3 Merchandise Iventory 4 Estimated Returns Inventory 5 Supplies 6 Prepaid Insurane 7 Customer Refunds Payable 8 Income Summary 60,000.00 6,000.00 55,000.00 5,500.00 4,700.00 1,600.00 2200.00 60,000.00 6,000.00 60,000.00 6,000.00 3,300.00 3,00.00 55,000.00 5,500.00 7200.00 60,000.00 6,000.00 525,140.00 55,000.00 5,500.00 10 Sales 11 Sales Returns and Allowanes 2,200.00 16,700.00 12