Northwest Fur Company started 2024 with $96,000 of inventory on hand. During 2024, $510,000 in inventory was purchased on account with credit terms of 3/15, n/45. All discounts were taken. Purchases were all made f.o.b. shipping point. Northwest paid freight charges of $8,100. Inventory with an invoice amount of $4,000 was returned for credit. Cost of goods sold for the year was $375,000. Northwest uses a perpetual inventory system. What is ending inventory assuming Northwest uses the gross method to record purchases?

$235,100 $219,860 $219,920 $239,100 *

Mogul Company ships inventory to Ski Outfit in a consignment arrangement. The arrangement specifies that Ski Outfit will attempt to sell the inventory, and in return, Mogul will pay to Ski Outfit a commission of 10% of the selling price on any inventory sold. During the year, Mogul ships inventory with a cost of $88,000 to Ski Outfit and pays shipping costs of $13,600. By the end of the year, $68,000 of the inventory has been sold to customers for a total of $93,000. Mogul allocates $10,000 of the shipping costs to inventory sold and the other $3,600 to inventory not sold. Mogul also paid advertising costs during the year of $14,000. What amount of inventory will Mogul report at year end?

$20,000 $57,600 $43,600 $23,600