A company uses the periodic system. Beginning inventory was $20,000. At the end of the year (12/31), the following information is available: - Goods purchased for $4,500 were returned during the year ("Purchase returns" account was credited) - The company had the opportunity to take $5,000 cash discounts on purchases, but could only take $3,500 (they use the gross method). - Gross purchases during the year totaled $56,000 - The value of goods physically present in stock is estimated to be $13,000; - Goods for $2,000 are out on consignment but have not been sold yet. - It is estimated that customers will return goods for $5,000 - The company recently shipped goods for $6,000, FOB-DEST, to be delivered to a customer in January The ending value of inventory is... $13,000 $18,000 $20,000 O $24,000 $26,000 $21,000 Question 8 (1 point) (continued from previous question) The Cost of Goods Available for Sale is..... $20,000 O $68,000 $76,000 $52,500 $51,500