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What is ending inventory

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Question - Happy Co. started 2021 with $101,000 of merchandise inventory on hand. During 2021, $450,000 in merchandise was purchased on account with credit terms of 2/15, n/45. All discounts were taken. Purchases were all made f.o.b. shipping point. Happy paid freight charges of $9,300. Merchandise with an invoice amount of $3,400 was returned for credit. Cost of goods sold for the year was $375,000. Happy uses a perpetual inventory system. What is ending inventory assuming Happy uses the gross method to record purchases?

Reference no: EM132524716

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