Business, 24.04.2020 21:59 noahmoritz2004
Northwest Fur Co. started 2021 with $96,000 of merchandise inventory on hand. During 2021, $460,000 in merchandise was purchased on account with credit terms of 2/15, n/45. All discounts were taken. Purchases were all made f. o.b. shipping point. Northwest paid freight charges of $8,500. Merchandise with an invoice amount of $3,500 was returned for credit. Cost of goods sold for the year was $366,000. Northwest uses a perpetual inventory system. Assuming Northwest uses the gross method to record purchases, what is the cost of goods available for sale? Multiple Choice $551,870. $556,700. $561,000. $551,800.
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Northwest Fur Co. started 2021 with $96,000 of merchandise inventory on hand. During 2021, $460,000...
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