South Coast Down Co. started 2023 with $94,000 of merchandise inventory on hand. During 2023,...
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South Coast Down Co. started 2023 with $94,000 of merchandise inventory on hand. During 2023, $4000,000 in merchandise was purchased on account with credit terms of 1/15, n/45. All discounts were taken. Purchases were all made f.o.b. shipping point. South Coast paid freight charges of $7,500. Merchandise with an invoice amount of $5,000 was returned for credit. Cost of goods sold for the year was $380,000. South Coast uses a perpetual inventory system. What's ending inventory assuming South Cast uses the gross method to record purchases
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