Northwest Fur Co. started the year with S93,000 of merchandise inventory on hand. During the year, $450,000 in merchandise was purchased on account with credit terms of 1/15, n/45. All discounts were taken. Northwest paid freight-in charges of S8,000. Merchandise with an invoice amount of $4,800 was returned for credit. Cost of goods sold for the year was $378,000. What is ending inventory? $153,743. $168,200. $163,748.

Northwest Fur Co. started the year with S93,000 of merchandise inventory on hand. During the year, $450,000 in merchandise was purchased on account with credit terms of 1/15, n/45. All discounts were taken. Northwest paid freight-in charges of S8,000. Merchandise with an invoice amount of $4,800 was returned for credit. Cost of goods sold for the year was $378,000. What is ending inventory? $153,743. $168,200. $163,748.

Name: Northwest Fur Co. started the year with S93,000 of merchandise invent
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Northwest Fur Co. started the year with S93,000 of merchandise inventory on hand. During the year,$450,000 in merchandise was purchased on account with credit terms of 1/15, n/45. All discounts weretaken. Northwest paid freight-in charges of $8,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

shany market recorded the following events involving a recent purchase of inventory received goods for$30,000, terms 2/10, n/30 returned $600 of the shipment for credit paid $150 freight on the shipment paid the invoice within the discount period as a result of these events, the company's inventory: increased by
CHERRY Company has 10,000 units of merchandise with unit cost of ₱50 at the beginning of the year. Purchases in chronological order during the year are as follows: 2,000 units at ₱51; 1,000 units at ₱52; 500 units at ₱53. The entity sold 13,100 units during the year. What is the ending inventory cost at year-end using FIFO? A. ₱ 20,000 B. ₱ 21,200 C. ₱ 655, 000 D. ₱ 680, 000
Delta Apparel Inc. uses a perpetual inventory system. At the beginning of the year inventory amounted to $ 50,000. During the year, the company purchased merchandise for $ 230,000 and sold merchandise costing $ 245,000. A physical inventory taken at year-end indicated shrinkage losses of $4,000. Prior to the recording of these shrinkage losses, the year-end balance in the companys Inventory account was :- a. $ 31,000 b. $ 35,000 c. $ 50,000 d. $ 55,00
Marigold Corporation uses a perpetual inventory system and had inventory worth $73,500 at the beginning of the year. Purchases were made during the year for $323,000; however, 10% of these goods were returned to the supplier, and a 3% discount was taken on the remaining balance owing. Marigold paid $2,500 cash for freight to ship the inventory to its location during the year. Marigold reported cost of goods sold for the year of $245,000. Marigold has a calendar year end. What is the balance in the inventory account at the end of the year? Balance $
At the beginning of the year, Snaplt had $10,000 of inventory. During the year, Snaplt purchased $35, 000 of merchandise and sold $30,000 of merchandise. A physical count of inventory at year-end shows $14,000 of inventory exists. Prepare the entry to record inventory shrinkage.
Karen Company repoted the following information for the current year: Beginning inventory 5,000,000 Purchases 26,000,000 Freight in 2,000,000 Purcahse returns and allowances 3,500,000 Purchase discounts 1,500,000 Sales 40,000,000 Sales returns 3,000,000 Sales allowances 500,000 Sales discounts 1,000,000 A physical inventory taken at year-end resulted in an ending inventory costing P4,000,000. At year-end, unsold goods out on consignment with selling price of P1,000,000 are in the hands of a consignee. The gross profit was 40% on sales. 1.What is the cost of goods available for sale? a. 28,000,000 b.31,000,000 c.33,000,000…
Silk Enterprises operates a small retail store that makes all merchandise inventory purchases on account. During the current year, Silk's cost of goods sold is $193,000 and its cash payments to suppliers of inventory are $179,000. Which combination of changes to the inventory and accounts payable balances during the year are consistent with the difference between cost of goods sold and cash payments to suppliers of inventory? O Inventory increased by $28,000 and accounts payable increased by $42,000 O Inventory decreased by $28,000 and accounts payable decreased by $42,000 Inventory increased by $28,000 and accounts payable decreased by $42,000 Inventory decreased by $28,000 and accounts payable increased by $42,000 None of the above
Ayo Company started 2022 with P94,000 of merchandise inventory on hand. During 2022, P400,000 in merchandise was purchased on account with credit terms 1/15, n/45. All discounts were taken. Purchases were all made FOB Origin. Ayo paid freight charges of P7,500. Merchandise with an invoice amount of P5,000 was returned for credit. Cost of goods sold for the year was P380,000. Ayo uses the perpetual inventory system. What is the ending inventory assuming Ayo uses the gross method to record purchases?
Marigold Inc. had beginning inventory of $9,600 at cost and $16,000 at retail. Net purchases were $96,000 at cost and $136,000 at retail. Net markups were $8,000, net markdowns were $5,600, and sales revenue was $117,600. Assume the price level increased from 100 at the beginning of the year to 115 at year-end. Compute ending inventory at cost using the dollar-value LIFO retail method. (Round ratios for computational purposes to 1 decimal place, e.g. 78.7% and final answer to 0 decimal places, e.g. 28,987.) Ending inventory using the dollar-value LIFO retail method
Iρngmire & Sons made sales On credit to Alderman Sports totaling $500,000 On April 18. The cost of the goods sold is $400,000. Longmire estimates 3% of its sales to Alderman may be returned. On May 22, $9 ,000 worth of goods (with a cost of $7,200) are returned by Alderman. Iρngmire uses a periodic inventory system. Prepare the related journal entries for Longmire & Sons.
Koi Corporation uses the periodic inventory system. During its first year of operations, Koi made the following purchases • 1,400 units at P90 per unit• 3,400 units at P150 per unit• 800 units at P120 per unit Sales for the year totaled 4,600 units. Physical count reveals 1,000 units on hand at the end of the year. (Round unit cost to two decimals)5. What is the amount of ending inventory using the weighted average method (rounded to nearest peso)? ________________6. What is the amount of ending inventory using the FIFO method?