Cinnamon Buns Co. (CBC) began 2016 with $52,000 in merchandise available. During 2016, $280,000 in merchandise was purchased on account with a credit term of 2/10, n/30. All discounts were taken. All purchases were made fob at the shipping point. CBC paid freight charges of $9,000. Merchandise with an invoice amount of $4,000 was returned for credit. Cost of goods sold for the year was $316,000. CBC uses a perpetual inventory system.

Assuming that CBC uses the gross method to record purchases, calculate ending inventory.