Current Attempt in Progress At the beginning of the year, Concord Shipping Ltd., a company that has a perpetual inventory system, had $48,400 of inventory. During the year, inventory costing $193,600 was purchased. Of this, $22,800 was returned to the supplier and a 5% discount was taken on the remainder. Freight costs incurred by the company for inventory purchases amounted to $2,360. The cost of goods sold during the year was $192,000. (a) X Your answer is incorrect. Determine the balance in the Inventory account at the end of the year. Balance in the inventory account $ eTextbook and Media List of Accounts Save for Later 16,380 MacBook Air Attempts: 2 of 3 used Submit Answer

At the beginning of the year, Concord Shipping Ltd.. a company that has a perpetual inventory system, had $48,400 of inventory. During the year inventory costing $193,600 was purchased. Of this, $22.800 was returned to the supplier and a 5% discount was taken on the remainder. Freight costs incurred by the company for inventory purchases amounted to $2,360. The cost of goods sold during the year was $192,000. (a) Determine the balance in the Imventory account at the end of the year. Balance in the imventory account