Business, 06.05.2020 06:29 edual7545

Foxtrot Co. started 2021 with $113,000 of merchandise inventory on hand. During 2021, $480,000 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. Foxtrot paid freight charges of $7,900. Merchandise with an invoice amount of $3,600 was returned for credit. Cost of goods sold for the year was $376,000. Foxtrot uses a perpetual inventory system.

What is ending inventory assuming Foxtrot uses the gross method to record purchases?

a. $188,200.
b. $192,600.
c. $179,088.
d. $179,028.

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Foxtrot Co. started 2021 with $113,000 of merchandise inventory on hand. During 2021, $480,000 in me...

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