Assume the company is using the Perpetual Inventory System: Record the following transactions from Mar 01 to Mar 10 and calculate the ending balance for Merchandise Inventory account, Merchandise Inventory Balance as of Mar 12:

01-Mar Purchased merchandise from Depo warehouse for $25,000 on credit with term 2/10 N/30.

02-Mar Gap purchased the above Inventory on FOB Shipping point, and paid the Freight of $1,500.

03-Mar Gap Purchases additional merchandises from local store at 3,000 and paid by cash.

05-Mar Gap returned the merchandise worth $2,000 to Depo warehouse which was purchased on credit on Mar 01.

10-Mar Gap paid for the merchandise purchased on Mar 01 after applying the 2% discount. Gap owes $23,000 to Depo warehouse as of Mar 10.