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Cinnamon Buns Co. (CBC) started 2018 with $52,800 of merchandise on hand. During 2018, $296,000 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 $10,100. Merchandise with an invoice amount of $2,000 was returned for credit. Cost of goods sold for the year was $309,000. CBC uses a perpetual inventory system.
Question 1: Assuming CBC uses the gross method to record purchases, ending inventory would be:
Multiple Choice
Option 1: $28,980.
Option 2: $39,080.
Option 3: $39,020.
Option 4: $47,900.
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