Brown Industries has a December $31$st year$-$end. On January $1,20$x$2,$ Brown had $$98,000$ of merchandise inventory on hand. During $20$x$2,$ Brown purchased $$520,000$ of inventory on account with credit terms of $3/15,$ n$/45.$ Brown took all available purchase discounts. Purchases were all made f$.$o$.$b$.$ shipping point and Brown paid freight charges of $$9,100$ on inventory purchased in $20$x$2.$ Merchandise with an invoice amount of $$4,700$ was returned for credit. Cost of goods sold for the year was $$362,000.$ Brown uses a perpetual inventory system. $($Hint: it will be helpful to remember that purchase discounts are not allowed on returned merchandise.$)$

What is Brown's ending inventory on December $31,20$x$2$ assuming Brown uses the gross method to record purchases?

Multiple Choice

$$265,100.$

$$244,881.$

$$260,400.$

$$244,941.$Brown Industries has a December $31$st year$-$end. On January $1,20\backslash$times $2,$ Brown had $$98,000$ of merchandise

inventory on hand. During $202,$ Brown purchased $$520,000$ of inventory on account with credit terms of $\frac{3}{15},$

$\frac{n}{45}.$ Brown took all available purchase discounts. Purchases were all made f$.$o$.$b$.$ shipping point and Brown paid

freight charges of $$9,100$ on inventory purchased in $202.$ Merchandise with an invoice amount of $$4,700$ was

returned for credit. Cost of goods sold for the year was $$362,000.$ Brown uses a perpetual inventory system. $($Hint:

it will be helpful to remember that purchase discounts are not allowed on returned merchandise.$)$

What is Brown's ending inventory on December $31,20\backslash$times $2$ assuming Brown uses the gross method to record

purchases?

Multiple Choice

$$265,100.$

$$244,881.$

$$260,400.$

$$244,941.$