Cinnamon Buns Co. started 2018 with $52,200 of merchandise on hand. During 2018, $285,000 in merchandise was
purchased on account with credit terms of 3/10 n/30. ‘all discounts were taken. Purchases were all made f.o.b. shipping point. CBC paid freight charges of $9,300. Merchandise with an invoice amount of $2,400 was returned for credit. Cost of goods sold for the year was $303,000. CBC uses a perpetual inventory system.
Assuming CBC uses the gross, method to record purchases, ending inventory would be:
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