Answer:
Ending inventory balance........................<u>$497,000</u>
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....................... <u>($180,000)</u>
Ending inventory balance........................<u>$497,000</u>
