1. ( his problem The Adjusted Trial Balance for TILFORD Merchandising Corporation for the month ending May 1 (prior to the COGS calculation) is presented below. The inventory value shown is from the beginning of the month. Inventory on han is similar to the summary problem provided above.) at the end of May was $700. Required 1. Open the trial balance T-accounts and the enter the beginning balances. Enter the ending balance for inventory- income summary account and 2. Make closing entries goods available for sale, and gross margin. Calculate the ending balance in e ndicate the values of net revenue, net purchases each account. 3. Prepare the income statement (highlighting gross margin). What is the gross margin percentage? TILFORD MERCHANDISING CORPORATION Adjusted Trial Balance May 1, 20x1 Debit Credit Balances Balances Account Names S 3,800 1,300 1100 3,400 7.000 as Accounts receivable Prepaid rent Inventory Purchases Purchase discounts Purchase returns & allowances Salaries payable Common stock $ 1,000 2000 800 1.700 3,600 9,000 Retained earnings Sales revenue Sales returns 400 Cost of goods sold 600 500 Salary expense Rent expense Totals S18,100 $18,100