When merchandise is returned under the perpetual inventory system, the buyer would credit a. Merchandise Inventory b. Accounts Receivable c. Purchases Returns and Allowances d. Accounts Payable Using the following information, what is the amount of merchandise available for sale? a. $37, 700 b. $35, 540 c. $36, 580 d. $34, 500 Merchandise inventory is classified on is balance sheet as a a. Current Asset b. Long-Term Asset c. Long-Term Liability d. Current Liability Using the following information, what is the amount of cost of merchandise sold? a. $30, 210 b. $20, 530 c. $28, 130 d. $26, 900 Which of the following accounts should be closed to Income Summary at the end of the fiscal year? a. Drawing b. Cost of Merchandise Sold c. Accumulated Depreciation d. Merchandise Inventory