TB MC Qu. 8-54 (Algo) Northwest Fur Company started Northwest Fur Company started 2024 with $99,000 of inventory on hand. During 2024, $470,000 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 $9,400. Inventory with an invoice amount of $3,700 was returned for credit. Cost of goods sold for the year was $373,000. Northwest uses a perpetual inventory system. What is ending inventory assuming Northwest uses the gross method to record purchases? Multiple Choice O $187,651 $205,400 $187,711

TB MC Qu. 8-54 (Algo) Northwest Fur Company started Northwest Fur Company started 2024 with $99,000 of inventory on hand. During 2024, $470,000 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 $9,400. Inventory with an invoice amount of $3,700 was returned for credit. Cost of goods sold for the year was $373,000. Northwest uses a perpetual inventory system. What is ending inventory assuming Northwest uses the gross method to record purchases? Multiple Choice O $187,651 $205,400 $187,711

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Cobb Company's accounting records show the following at the year ending on December 31, 2015: Purchase Discounts $ 11,200 Freight In 15,600 - Purchases 402,000 Beginning Inventory Ending Inventory 47,000 57,600 Purchase Returns 12,800 Using the periodic system, the cost of goods sold is O a) $404,200. O b) $378,000. $393,600. O d) $383,000.
On December 31, 2023, the following information was available from ORANGE Company's accounting records: COST RETAIL inventory Jan 1 ₱ 220, 500 ₱ 304, 500 Purchases 1,234,800 1,732,500 Additional Markups 63,000 Goods available for sale 1,455,300 2,100,000 Gross sales for the year totaled ₱ 1,659,000. Markdown amounted to ₱ 25,000. Total recorded sales discount is ₱ 105,000 (including employee discounts of ₱ 35,000). What is the cost of ORANGE company's inventory on December 31, 2023, under the average method? A. ₱ 266,560 B. ₱ 281,250 C. ₱ 289,150 D. ₱ 291,060
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