At the end of May, the following adjustment data were assembled. Analyze and use these data to complete Part 6.
a. Merchandise inventory on May 31$570,000
b. Insurance expired during the year12,000
c. Store supplies on hand on May 314,000
d. Depreciation for the current year14,000
e. Accrued salaries on May 31:
Sales salaries $7,000
Office salaries 6,60013,600
f. The adjustment for customer returns and allowances is $60,000 for sales and $35,000 for cost of merchandise sold.