Exercise 4-7A (Algo) Determining the cost of inventory LO 4-2, 4-3, 4-4 For each of the following cases determine the ending balance in the inventory account. (Hint First, determine the total cost of inventory available for sale. Next, subtract the cost of the inventory sold to arrive at the ending balance.) Required a. Jill's Dress Shop had a beginning balance in its inventory account of $51,500. During the accounting period, Jill's purchased $109,500 of inventory, returned $7,300 of inventory, and obtained $980 of purchases discounts. Jill's incurred $1,460 of transportation-in cost and $830 of transportation-out cost. Salaries of sales personnel amounted to $42,500. Administrative expenses amounted to $47,100. Cost of goods sold amounted to $105,300. b. Ken's Bait Shop had a beginning balance in its inventory account of $12,600. During the accounting period, Ken's purchased $55,300 of inventory, obtained $1,660 of purchases allowances, and recelved $590 of purchases discounts. Sales discounts amounted to $870. Ken's incurred $1,360 of transportation-in cost and $490 of transportation-out cost. Selling and administrative cost amounted to $14,600. Cost of goods sold amounted to $38,500