Cinnamon Buns Co. (CBC) started 2021 with $53,700 of merchandise on hand. During 2021 $290,000 in merchandise was purchased on account with credit terms of 4/10 1/30. All discounts were taken. Purchases were all made fob shipping point CBC paid freight charges of $9,600. Merchandise with an invoice amount of $2,200 was returned for credit. Cost of goods sold for the year was $300,000. CBC uses a perpetual inventory system Assuming CBC uses the gross method to record purchases, ending inventory would be: Multiple Choice O $39,500 $29,988 $39.58 35000