Northwest Fur Co. started 2021 with $96,000 of merchandise inventory on hand. During 2021, $560,000 in merchandise was purchased on account with credit terms of 1/15, n/45. All discounts were taken. Purchases were all made f. o.b. shipping point. Northwest paid freight charges of $8,800. Merchandise with an invoice amount of $4,800 was returned for credit. Cost of goods sold for the year was $377,000. Northwest uses a perpetual inventory system. What is ending inventory assuming Northwest uses the gross method to record purchases