For each of the following cases determine the ending balance in the inventory account. Required a. Jill's Dress Shoop had a beginning balance in its inventory account of $48,500. During the acocunting period, Jill's purchased $100,500 of inventory, returned $6,700 of inventory, and obtained $920 of puchases discounts. Jill'sincurred $1,340 of transportation-in cost and $770 of transportation out-cost. Salaries of sales personnel amounted to $39,500. Administrative expenses amounted to $44,100. Cost of goods sold amounted to $99,300. b. Ken's Bait Shop had a beginning balance in its inventory account of $11,400. During the accounting period, Ken's purchased $50,500 of inventory, obtained $1,540 of perchases allowances, and recieved $530 of purchased discounts. Sales discounts amounted to $810. Ken's incurred $1,240 of transportation-in cost and $430 of transportation-out cost. Selling administrative cost amounted to $14,000. Cost of goods sold amounted to $37,300.
For each of the following cases determine the ending balance in the inventory account.
Required
a. Jill's Dress Shoop had a beginning balance in its inventory account of $48,500. During the acocunting period, Jill's purchased $100,500 of inventory, returned $6,700 of inventory, and obtained $920 of puchases discounts. Jill'sincurred $1,340 of transportation-in cost and $770 of transportation out-cost. Salaries of sales personnel amounted to $39,500. Administrative expenses amounted to $44,100. Cost of goods sold amounted to $99,300.
b. Ken's Bait Shop had a beginning balance in its inventory account of $11,400. During the accounting period, Ken's purchased $50,500 of inventory, obtained $1,540 of perchases allowances, and recieved $530 of purchased discounts. Sales discounts amounted to $810. Ken's incurred $1,240 of transportation-in cost and $430 of transportation-out cost. Selling administrative cost amounted to $14,000. Cost of goods sold amounted to $37,300.
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