4) Kelsea Co. started 2018 with $107,000 of merchandise inventory on hand. During 2018, $420,000 in merchandise was purchased on account with credit terms of 1/15, n/45. All discounts were taken. Purchases were all made f. o.b. shipping point. The company paid freight charges of $8200. Merchandise with an invoice amount of $4900 was returned for credit. Cost of goods sold for the year was $370,000. The company uses a perpetual inventory system. What is ending inventory assuming the company uses the gross method to record purchases
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4) Kelsea Co. started 2018 with $107,000 of merchandise inventory on hand. During 2018, $420,000 in...
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