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Business, 15.04.2020 21:07 anthonybowie99

Northwest Fur Co. started 2021 with $110,000 of merchandise inventory on hand. During 2021, $540,000 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 $8,800. Merchandise with an invoice amount of $3,100 was returned for credit. Cost of goods sold for the year was $375,000. Northwest uses a perpetual inventory system. What is ending inventory assuming Northwest uses the gross method to record purchases?a.$659,500.
b.$639,600.
c.$656,100.
d.$639,747.

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Northwest Fur Co. started 2021 with $110,000 of merchandise inventory on hand. During 2021, $540,000...

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