Northwest Fur Co. started 2021 with $108,000 of merchandise inventory on hand. During 2021, $430,000 in merchandise was purchased on account with credit terms of 3/15, n/45. All discounts were taken. Purchases were all made f.o.b. shipping point. Northwest paid freight charges of $9,500. Merchandise with an invoice amount of $4,200 was returned for credit. Cost of goods sold for the year was $378,000. Northwest uses a perpetual inventory system.

What is ending inventory assuming Northwest uses the gross method to record purchases?