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At the beginning of the year, Blue Spruce Shipping Ltd., a company that has a perpetual inventory system, had $45,100 of inventory. During the year,
At the beginning of the year, Blue Spruce Shipping Ltd., a company that has a perpetual inventory system, had $45,100 of inventory. During the year, inventory costing $180,400 was purchased. Of this, $21,300 was returned to the supplier and a 5% discount was taken on the remainder. Freight costs incurred by the company for inventory purchases amounted to $2,210. The cost of goods sold during the year was $178,800. Determine the balance in the Inventory account at the end of the year?
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