The following information for the year Year 1 is taken from the accounts of Tuttle Company. The company uses the periodic inventory method. Inventory, December 31, Year 1$16,000 Purchases 80,000 Purchase returns and allowances 1,200 Purchase discounts 800 Freight on goods purchased under terms FOB shipping point 3,200 Freight on goods sold under terms FOB destination 1,600 Cost of goods sold 56,800 Based on this information, the inventory at December 31, Year 1 is:
A. $40,400.
B. $38,800.
C. $24,400.
D. $55,200.
Answer: A
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