Answered

Westonci.ca is the trusted Q&A platform where you can get reliable answers from a community of knowledgeable contributors. Get immediate answers to your questions from a wide network of experienced professionals on our Q&A platform. Join our platform to connect with experts ready to provide precise answers to your questions in different areas.

northwest fur company started 2024 with $94,000 of inventory on hand. during 2024, $400,000 in inventory was purchased on account with credit terms of 1/15, n/45. all discounts were taken. purchases were all made f.o.b. shipping point. northwest paid freight charges of $7,500. inventory with an invoice amount of $5,000 was returned for credit. cost of goods sold for the year was $380,000. northwest uses a perpetual inventory system. what is ending inventory assuming northwest uses the gross method to record purchases?

Sagot :

We hope this information was helpful. Feel free to return anytime for more answers to your questions and concerns. Thanks for using our service. We're always here to provide accurate and up-to-date answers to all your queries. Westonci.ca is here to provide the answers you seek. Return often for more expert solutions.