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NorthFur Co. started 2021 with $94.000 of merchandise inventory on hand. During 2021. $400,000 in merchandise was purchased on account with credit terms of 1/15,

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NorthFur Co. started 2021 with $94.000 of merchandise inventory on hand. During 2021. $400,000 in merchandise was purchased on account with credit terms of 1/15, n/45. All discounts were taken. Purchases were all made fob shipping point Freight charges were $7,500. Merchandise with an invoice amount of $5,000 was returned for credit. Cost of goods sold for the year was $380,000. The company uses a perpetual inventory system What is ending inventory if we use the gross method to record purchases? $111,500. $112.550 $116,500 $120,300

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