genosalazar1257 genosalazar1257

02-11-2022
Business

Answered

northwest fur company started 2024 with $94,000 of inventory on hand. during 2024, $400,000 in inventory 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 $7,500. inventory with an invoice amount of $5,000 was returned for credit. cost of goods sold for the year was $380,000. northwest uses a perpetual inventory system. what is ending inventory assuming northwest uses the gross method to record purchases?

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