Northwest fur co started 2013 with 103000 of merchandise, Ask an Expert

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Northwest Fur Co. started 2013 with $103,000 of merchandise inventory on hand. During 2013, $600,000 in merchandise was purchased on account with credit terms of 4/15, n/45. All discounts were taken. Purchases were all made f.o.b. shipping point. Northwest paid freight charges of $9,000. Merchandise with an invoice amount of $4,500 was returned for credit. Cost of goods sold for the year was $370,000. Northwest uses a perpetual inventory system.

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

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Accounting Basics, Accounting

Category:- Accounting Basics
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