Assume Anderson's General Store bought, on credit, a truckload of merchandise from American Wholesaling costing $24,400. If Anderson's paid National Trucking $790 cash for transportation, immediately returned goods to American Wholesaling costing $1,100, and then paid American wholesaling within the 130, n/60 purchase discount period. How much did this inventory cost Anderson's? Assume Anderson's uses a perpetual inventory system Cost Merchandise costing $2700 is sold for $3,700 on terms 130, n/60. If the customer pays within the discount period, what amount will be reported on the income statement as net sales and as gross profit? Net Sales Gross Profit If net sales are $470,000, cost of goods available for sale is $348,000, and gross profit percentage is 39%. What is the amount of ending inventory? Ending inventory