13. Northwest Fur Co. started 2018 with $94,000 of merchandise inventory on hand. During 2018 $400,000 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 $7,500. Merchandise 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? a) $112,490. b) $112,550. c) Si 16.500. d) $120,300. 14. Northwest Fur Co. started 2018 with $94,000 of merchandise inventory on hand. During 2018 $400,000 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 $7,500. Merchandise 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 Assuming Northwest uses the gross method to record purchases, what is the cost of goods available for sale? a) $492,500. b) $496,500. c) $490,500 d) $492,550. 15. Fulbright Corp uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases (listed in chronological order of acquisition): 40 units at $100 70 units at $80 170 units at $60 Sales for the year totaled 270 units, leaving 10 units on hand at the end of the year. Ending inventory using the average cost method (rounded) is: a) $650 b) $1,000. c) $707 d) $600