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Northwest Fur Co. started 2021 with $95.000 of merchandise inventory on hand. During 2021. $480.000 in merchandise was purchased on account with credit terms of
Northwest Fur Co. started 2021 with $95.000 of merchandise inventory on hand. During 2021. $480.000 in merchandise was purchased on account with credit terms of 1/15, n/45. All discounts were taken. Purchases were all made fo.b. shipping point. Northwest paid freight charges of $9.000. Merchandise with an invoice amount of $4.000 was returned for credit. Cost of goods sold for the year was $377.000. Northwest uses a perpetual inventory system. What is ending inventory assuming Northwest uses the gross method to record purchases? 3.33 points (8 00:55:17 Multiple Choice 0 $198.180 0 $207.000 0 $203.000 0 $198.240
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