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Business, 31.03.2020 02:23 india73

Northwest Fur Co. started 2021 with $105,000 of merchandise inventory on hand. During 2021, $480,000 in merchandise 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 $9,100. Merchandise with an invoice amount of $3,200 was returned for credit. Cost of goods sold for the year was $366,000. Northwest uses a perpetual inventory system.
What is ending inventory assuming Northwest uses the gross method to record purchases?

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Northwest Fur Co. started 2021 with $105,000 of merchandise inventory on hand. During 2021, $480,000...
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