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Compute the ending balance of the merchandise inventory

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Reference no: EM132722051

Problem - Using the following information, compute the ending balance of the merchandise inventory account under the perpetual inventory system.

a. Merchandise inventory, beginning balance $20,000

b. Purchased merchandise on account 200,000

c. Sold merchandise on account 240,000

d. Cost of merchandise sold in (c) 120,000

e. Freight charges paid on inventory delivered to showroom 1,000

f. Refund provided to customers for merchandise returned 800

g. Cost of merchandise returned by customers 500

Reference no: EM132722051

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