Answer full question. Check my workFor each of the following cases determine the ending balance in the inventory account. (Hint. First, determine the total cost ofinventory available for sale. Next, subtract the cost of the inventory sold to arrive at the ending balance.)a. Jill's Dress Shop had a beginning balance in its inventory account of $42,500. During the accounting period, Jill's purchased$82,500 of inventory, returned $5,500 of inventory, and obtained $800 of purchases discounts. Jill's incurred $1,100 of transportation-in cost and $650 of transportation-out cost. Salaries of sales personnel amounted to $33,500. Administrative. expenses amounted to$38,100. Cost of goods sold amounted to $87,300.b. Ken's Bait Shop had a beginning balance in its inventory account of $9,000. During the accounting period, Ker's purchased$40,900 of inventory, obtained $1,300 of purchases allowances, and received $410 of purchases discounts. Sales discounts amountedto $690. Ken's incurred $1,000 of transportation-in cost and $310 of transportation-out cost. Selling and administrative cost amountedto $12,800. Cost of goods sold amounted to $34,900.Jill's DressShopKen's BaitShopCost of goods available for saleesEnding Inventory

a) Jill's dress shop Cost of goods available for sale = Opening inventory + net purchases 42500 +…

Answered: eturned $5,500 of inventory, and…

eturned $5,500 of inventory, and obtainee nsportation-out cost. Salaries of sales personnel amounted to $33,50 sold amounted to $87,300.

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section: Chapter Questions

Problem 2AP

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