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Cinnamon Buns Company (CBC) started 2024 with $52,000 of inventory on hand. During 2024 , $280,000 in inventory was purchased on account with credit terms

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Cinnamon Buns Company (CBC) started 2024 with $52,000 of inventory on hand. During 2024 , $280,000 in inventory was purchased on account with credit terms of 2/10,n/30. All discounts were taken. Purchases were all made f.o.b. shipping point. CBC paid freight charges of $9,000. Inventory 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. Required: Assuming CBC-uses the gross method to record purchases, computh

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