Business, 21.04.2020 17:33 sarah02152005
Northwest Fur Co. started 2021 with $100,000 of merchandise inventory on hand. During 2021, $570,000 in merchandise was purchased on account with credit terms of 3/15, n/45. All discounts were taken. Purchases were all made f. o.b. shipping point. Northwest paid freight charges of $7,600. Merchandise with an invoice amount of $3,300 was returned for credit. Cost of goods sold for the year was $379,000. Northwest uses a perpetual inventory system. What is ending inventory assuming Northwest uses the gross method to record purchases
Answers: 3
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Northwest Fur Co. started 2021 with $100,000 of merchandise inventory on hand. During 2021, $570,000...
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