Northwest Fur Co. started 2016 with $104,000 of merchandise inventory on hand. During 2016, $600,000 in merchandise was purchased on account with credit terms of 2/15, n/45. All discounts were taken. Purchases were all made fob. shipping point. Northwest paid freight charges of $8,800. Merchandise with an invoice amount of $4,300 was returned for credit. Cost of goods sold for the year was $364,000 Northwest uses a perpetual inventory system. Assuming Northwest uses the gross method to record purchases, what is the cost of goods available for sale? O $696,586. O $696,500 $707,200 O $708,500 Type here to search Oo P 5 6 7 8 9 WIERT Y U