Ken’s Bait Shop had a beginning balance in its inventory account of $11,200. During the accounting period, Ken’s purchased $49,700 of inventory, obtained $1,520 of purchases allowances, and received $520 of purchases discounts. Sales discounts amounted to $800. Ken’s incurred $1,220 of transportation-in cost and $420 of transportation-out cost. Selling and administrative cost amounted to $13,900. Cost of goods sold amounted to $37,100.
