Northwest Fur Co. started the year with $96,000 of merchandise inventory on hand. During the year, $445,000 in merchandise was purchased on account with credit terms of 1/15, n/45 All discounts were taken. Northwest paid freight-in charges of $7,000. Merchandise with an invoice amount of $4,600 was returned for credit. Cost of goods sold for the year was $379,000. What is ending inventory? Multiple Choice $66,000 $159,996 $164,400 $163,991. Consider the following information pertaining to OldWest's inventory: Net Realizable Quantity Product Value Cost $127 $155 13 Revolvers 21 26 21 Spurs 12 59 49 Hats At what amount should OldWest report its inventory? Multiple Choice $2,905 $3,044. $2,680. $2,778.
Northwest Fur Co. started the year with $96,000 of merchandise inventory on hand. During the year, $445,000 in merchandise was purchased on account with credit terms of 1/15, n/45 All discounts were taken. Northwest paid freight-in charges of $7,000. Merchandise with an invoice amount of $4,600 was returned for credit. Cost of goods sold for the year was $379,000. What is ending inventory? Multiple Choice $66,000 $159,996 $164,400 $163,991. Consider the following information pertaining to OldWest's inventory: Net Realizable Quantity Product Value Cost $127 $155 13 Revolvers 21 26 21 Spurs 12 59 49 Hats At what amount should OldWest report its inventory? Multiple Choice $2,905 $3,044. $2,680. $2,778.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Northwest Fur Co. started the year with $96,000 of merchandise inventory on hand. During the year, $445,000 in merchandise was purchased on account with credit terms of 1/15, n/45
All discounts were taken. Northwest paid freight-in charges of $7,000. Merchandise with an invoice amount of $4,600 was returned for credit. Cost of goods sold for the year was
$379,000. What is ending inventory?
Multiple Choice
$66,000
$159,996
$164,400
$163,991.
Transcribed Image Text:Consider the following information pertaining to OldWest's inventory:
Net
Realizable
Quantity
Product
Value
Cost
$127
$155
13
Revolvers
21
26
21
Spurs
12
59
49
Hats
At what amount should OldWest report its inventory?
Multiple Choice
$2,905
$3,044.
$2,680.
$2,778.
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