FunSun Inc. has a periodic inventory system and due to the high cost does inventory count only at the end of the year. For quarterly reporting, ending inventory is calculated based on the assumption that gross profit rate is 42%. The beginning inventory was $100,000. During the first quarter, the company recorded inventory purchases of $250,000. Sales were 540,000 .The ending inventory for the first quarter was reported as: 36,800 226,800 O 123,200 O 313,200

FunSun Inc. has a periodic inventory system and due to the high cost does inventory count only at the end of the year. For quarterly reporting, ending inventory is calculated based on the assumption that gross profit rate is 42%. The beginning inventory was $100,000. During the first quarter, the company recorded inventory purchases of $250,000. Sales were 540,000 . The ending inventory for the first quarter was reported as: 36,800 226,800 123,200 313,200