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.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 2RE: On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the...

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