Problem 3(18pts): Innovative Inc. started 2018 with $52,000 of merchandise on hand. During 2018, $265,000 in merchandise was purchased on account with credit terms of 3/10, n/30. All discounts were taken. Purchases were all made f.o.b. shipping point. Innovative Inc paid freight charges of $8,000. Merchandise with an invoice amount of $3,000 was returned for credit. Cost of goods sold for the year was $345,000. Innovative uses a perpetual inventory system. Innovative uses the NET method to record purchases, What is ending inventory? Show journal entry recording of the purchase transaction. Problem 3(18pts): Innovative Inc. started 2018 with $52,000 of merchandise on hand. During 2018, $265,000 in merchandise was purchased on account with credit terms of 3/10, n/30. All discounts were taken. Purchases were all made f.o.b. shipping point. Innovative Inc paid freight charges of $8,000. Merchandise with an invoice amount of $3,000 was returned for credit. Cost of goods sold for the year was $345,000. Innovative uses a perpetual inventory system. Innovative uses the NET method to record purchases, What is ending inventory? Show journal entry recording of the purchase transaction