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  3. at the beginning of the year a company that as a p

At the beginning of the year a company that as a perpetual inventory system had...

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Accounting

At the beginning of the year a company that as a perpetual inventory system had 25000$ of merchandise inventory. During the year, inventory costing 100000$ was purchased. Of this, 12000$ was returned to the supplier and a 5% discount was taken on the reminder. Freight costs incurred by the company for merchandise purchases amounted to 2400$. The cost of goods sold during the year was 93000$. Dertermine the balance in the merchandise inventory account at the end of the year.

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