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What is the ending balance of the inventory account

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Reference no: EM132679046

Bill's Music sells CDs. They have the following transactions for May

5/1Purchase 1000 CDs on account (2/10 n30 FOB Shipping) at $3 each and put into inventory

5/2Freight on the 5/1 purchase was $250. Pay in cash

5/5Sell 100 CDs for $1,200 - on account. CDs sold cost $300.Terms are 1/10 n30

5/7Return 50 of the CDs purchased on 5/1 - defective ($3 each)

5/8Pay for the CDs (not the freight) purchased on 5/1 - net of returns/discount

5/9Receive Payment for sale on 5/5

5/29Pay salaries of $500

5/30Buy 100 more CDs at $4 each - cash

5/31Sell 200 CDs for $2,500 - all cash. CDs sold cost $600.

Problem 1: Write Journal

Problem 2: What is the ending balance of the Inventory Account

Reference no: EM132679046

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