Required information 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 T. Nix, Capital T. Nix, Withdrawals Sales Sales discounts $ 41,300 122,300 7,000 158,800 Sales returns and allowances Cost of goods sold $ 5,800 107,100 Depreciation expense Salaries expense 11,000 36,000 3,600 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 $39,800.