Northwest Fur Company started 2024 with $95,000 of inventory on hand. During 2024, $430,000 in inventory was purchased on account with credit terms of 2/15 "/4s. All discounts were taken. Purchases were all made f.o.b. shipping point. Northwest paid freight charges of $8,700. Inventory with an invoice amount of $4,700 was returned for credit. Cost of goods sold for the year was $377,000. Northwest uses a perpetual inventory system. What is ending inventory assuming Northwest uses the gross method to record purchases? Multiple Choice O C $143,494 $156,700 $143,434 $152,000

Northwest Fur Company started 2024 with $95,000 of inventory on hand. During 2024, $430,000 in inventory was purchased on account with credit terms of 2/15 "/4s. All discounts were taken. Purchases were all made f.o.b. shipping point. Northwest paid freight charges of $8,700. Inventory with an invoice amount of $4,700 was returned for credit. Cost of goods sold for the year was $377,000. Northwest uses a perpetual inventory system. What is ending inventory assuming Northwest uses the gross method to record purchases? Multiple Choice O C $143,494 $156,700 $143,434 $152,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 8P: Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning...

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Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following transactions: a. Made credit sales of $825,000. The cost of the merchandise sold was $560,000. b. Collected accounts receivable in the amount of $752,600. c. Purchased goods on credit in the amount of $574,300. d. Paid accounts payable in the amount of $536,200. Required: Prepare the journal entries necessary to record the transactions. Indicate whether each transaction increased cash, decreased cash, or had no effect on cash.
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