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17 August, 21:46

Surist, Inc. purchased merchandise for $300,000, received credit for purchase returns of $20,000, availed purchase discounts of $5,000, and paid transportation in of $12,000. Refer to Surist, Inc. If Surist, Inc. had $30,000 in beginning inventory, and sold goods costing $180,000, what is the ending inventory balance?

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  1. 17 August, 23:42
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    Ending inventory balance ... $497,000

    Explanation:

    If Surist, Inc. purchased merchandise for $300,000, and received credit for purchase returns of $20,000, and was availed purchase discounts of $5,000, and paid transportation in of $12,000. If Surist, Inc. had $30,000 in beginning inventory, and sold goods costing $180,000, Then the ending inventory balance can be derived as:

    Beginning inventory ... $30,000

    Add: Purchases of merchandise ... $300,000,

    Less: Purchase returns of ... ($20,000)

    Less: Purchase discounts of ... ($5,000)

    Add: Paid transportation of ... $12,000.

    Less: Cost of Goods Sold ... ($180,000)

    Ending inventory balance ... $497,000
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