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What is the ending balance of the inventory account

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Reference no: EM132731352

Question - Bill's Music sells CDs. They have the following transactions for May

5/1 Purchase 1000 CDs on account (2/10 n30 FOB Shipping) at $3 each and put into inventory

5/2 Freight on the 5/1 purchase was $250. Pay in cash

5/5 Sell 100 CDs for $1,200 - on account. CDs sold cost $300.Terms are 1/10 n30

5/7 Return 50 of the CDs purchased on 5/1 - defective ($3 each)

5/8 Pay for the CDs (not the freight) purchased on 5/1 - net of returns/discount

5/9 Receive Payment for sale on 5/5

5/29 Pay salaries of $500

5/30 Buy 100 more CDs at $4 each - cash

5/31 Sell 200 CDs for $2,500 - all cash. CDs sold cost $600.

Required - What is the ending balance of the Inventory Account?

Reference no: EM132731352

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