3 Exercise 4-7A (Algo) Determining the cost of inventory LO 4-2, 4-3, 4-4 0.49 points #Book Ask For each of the following cases determine the ending balance in the inventory account. (Hint First, determine the total cost of inventory available for sale. Next, subtract the cost of the inventory sold to arrive at the ending balance.) a. Jill's Dress Shop had a beginning balance in its inventory account of $49,500. During the accounting period, Jill's purchased $103,500 of inventory, returned $6,900 of inventory, and obtained $940 of purchases discounts. Jill's incurred $1,380 of transportation-in cost and $790 of transportation-out cost. Salaries of sales personnel amounted to $40,500. Administrative expenses amounted to $45,100. Cost of goods sold amounted to $101,300. b. Ken's Bait Shop had a beginning balance in its inventory account of $11,800. During the accounting period, Ken's purchased $52,100 of inventory, obtained $1,580 of purchases allowances, and received $550 of purchases discounts. Sales discounts amounted to $830. Ken's incurred $1,280 of transportation-in cost and $450 of transportation-out cost. Selling and administrative cost amounted to $14,200. Cost of goods sold amounted to $37,700. Cost of goods available for sale Ending Inventory Jill's Dress Shop Ken's Balt Shop Check my