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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 $ 45,300 Sales returns and allowances $ 5,000
T. Nix, Capital 130,300 Cost of goods sold 109,500
T. Nix, Withdrawals 7,000 Depreciation expense 11,800
Sales 162,100 Salaries expense 40,000
Sales discounts 4,400 Miscellaneous expenses 5,000
A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $43,400.
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