Cinnamon Buns Co. (CBC) started 2021 with $53,800 of merchandise on hand. During 2021, $298,000 in merchandise was purchased on account with credit terms of 1/10 n/30. All discounts were taken. Purchases were all made f.o.b. shipping point. CBC paid freight charges of $9,400. Merchandise with an invoice amount of $2,200 was returned for credit. Cost of goods sold for the year was $312,000. CBC uses a perpetual inventory system. What is cost of goods available for sale, assuming CBC uses the gross method?

Multiple Choice

• $356,042.

• $337,242.

• $359,000.

• $361,200.