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Exercise $4-7$A $($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.$)$

a$.$ Jill's Dress Shop had a beginning balance in its inventory account of $$50,000.$ During the accounting period, Jill's purchased $$105,000$ of inventory, returned $$7,000$ of inventory, and obtained $$950$ of purchases discounts. Jill's incurred $$1,400$ of transportation$-$in cost and $$800$ of transportation$-$out cost. Salaries of sales personnel amounted to $$41,000.$ Administrative expenses amounted to $$45,600.$ Cost of goods sold amounted to $$102,300.$

b$.$ Ken's Bait Shop had a beginning balance in its inventory account of $$12,000.$ During the accounting period, Ken's purchased $$52,900$ of inventory, obtained $$1,600$ of purchases allowances, and received $$560$ of purchases discounts. Sales discounts amounted to $$840.$ Ken's incurred $$1,300$ of transportation$-$in cost and $$460$ of transportation$-$out cost. Selling and administrative cost amounted to $$14,300.$ Cost of goods sold amounted to $$37,900.$

$\backslash$table$[[$Cost of goods zvailable for sale,$\backslash$table$[[$Jill$\text{'}$s Dress$],[$Shop$]],\backslash$table$[[$Ken$\text{'}$s Bait$],[$Shop$]]],[$Ending Inventory,,$]]$