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?

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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explanation:

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