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What is the ending value in merchandise inventory

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Question - Tara Kelly Inc. has $4,000 in INVENTORY at Jan 1, 2015. During 2015, Tara had the following INVENTORY TRANSACTIONS:

a. Tara Kelly purchased Merchandise Inventory from Glenn Charles, $5,400 terms 3/10, net/30, FOB Shipping Point.

b. Tara paid freight on shipment from Glenn Charles $1,200.

c. Tara sold Merchandise Inventory to Logan Inc for $7,500 Cost $3,850 Terms: 2/10, net/30 FOB Destination.

d. Tara returned $850 of Merchandise Inventory purchased from Glenn Charles.

e. Logan Inc returned $1,250 of Merchandise Inventory to Tara, cost $760.

f. Tara paid Glenn Charles Inc. within discount period.

g. Tara paid $550 for freight on sale to Logan.

h. Received payment from Logan Inc, during the discount period.

REQUIRED:

a. Record the Transactions in the JOURNAL using the Perpetual Inventory Method.

b. What is the Ending Value in Merchandise Inventory and Cost of Goods?

Reference no: EM132095245

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