Business, 07.10.2019 23:30, liltay12386

Northwest fur co. started 2013 with $103,000 of merchandise inventory on hand. during 2013, $600,000 in merchandise was purchased on account with credit terms of 4/15, n/45. all discounts were taken. purchases were all made f. o.b. shipping point. northwest paid freight charges of $9,000. merchandise with an invoice amount of $4,500 was returned for credit. cost of goods sold for the year was $370,000. northwest uses a perpetual inventory system.

what is ending inventory assuming northwest uses the gross method to record purchases?

$313,680.
$313,620.
$337,500.
$342,000.

Answers: 3

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Northwest fur co. started 2013 with $103,000 of merchandise inventory on hand. during 2013, $600,000...