Exercise 4-7A 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.) a. Jill's Dress Shop had a beginning balance in its Inventory account of $46,000. During the accounting period, Jill's purchased $93,000 of Inventory, returned $6,200 of Inventory, and obtained $870 of purchases discounts. Jill's Incurred $1,240 of cost and $720 of transportation-out cost. Salaries of sales personnel amounted to $37,000. Administrative expenses amounted to $41,600. Cost of goods sold amounted to $94,300. b. Ken's Balt Shop had a beginning balance in its Inventory account of $10,400. During the accounting period, Ken's purchased $46,500 of Inventory, obtained $1,440 of purchases allowances, and received $480 of purchases discounts. Sales discounts amounted to $760. Ken's incurred $1,140 of transportation in cost and $380 of transportation-out cost. Selling and administrative cost amounted to $13,500. Cost of goods sold amounted to $36,300. Jill's Dress Shop Ken's Bait Shop Cost of goods available for sale Ending Inventory