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 $ 42,800 Sales returns and allowances $ 5,500 T. Nix, Capital 125,300 Cost of goods sold 108,000 T. Nix, Withdrawals 7,000 Depreciation expense 11,300 Sales 159,600 Salaries expense 37,500 Sales discounts 3,900 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 $41,150.