Hank Henry Glove Co. began the year with Inventory of $620,000. Record the following transactions, where needed, using the Periodic Inventory system.

a. Purchased from Williams Co. merchandise on account for $86,000, 1/10, n/30.(Use Gross Method for discounts)

b. Paid $ 1,000 to FedEx for the January 2 purchase.

c. Returned merchandise to Williams Co. that cost $6,000 for credit.

d. Paid Williams Co. within the discount period.

e. Sold merchandise costing $120,000 for $240,000 cash.

f. Ending inventory was $580,200