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Cinnamon Buns Company (CBC) started 2024 with $53,800 of inventory on hand. During 2024, $281,000 in inventory was purchased on account with credit terms of

Cinnamon Buns Company (CBC) started 2024 with $53,800 of inventory on hand. During 2024, $281,000 in inventory was purchased on account with credit terms of 4/10, n/30. All discounts were taken. Purchases were all made f.o.b. shipping point. CBC paid freight charges of $11,000. Inventory with an invoice amount of $3,200 was returned for credit. Cost of goods sold for the year was $298,000. CBC uses a perpetual inventory system.

Assuming CBC uses the gross method to record purchases, ending inventory would be:

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