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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