Northwest Fur Company started 2024 with $102,000 of inventory on hand. During 2024, $520,000 in inventory was purchased on account with credit terms of 315/315 , n45/�45 . All discounts were taken. Purchases were all made f.o.b. shipping point. Northwest paid freight charges of $8,100. Inventory with an invoice amount of $4,100 was returned for credit. Cost of goods sold for the year was $362,000. Northwest uses a perpetual inventory system. Assuming Northwest uses the gross method to record purchases, what is the cost of goods available for sale?
Northwest Fur Company started 2024 with $102,000 of inventory on hand. During 2024, $520,000 in inventory was purchased on account with credit terms of 315/315 , n45/�45 . All discounts were taken. Purchases were all made f.o.b. shipping point. Northwest paid freight charges of $8,100. Inventory with an invoice amount of $4,100 was returned for credit. Cost of goods sold for the year was $362,000. Northwest uses a perpetual inventory system. Assuming Northwest uses the gross method to record purchases, what is the cost of goods available for sale?
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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Northwest Fur Company started 2024 with $102,000 of inventory on hand. During 2024, $520,000 in inventory was purchased on account with credit terms of 315/315 , n45/�45 . All discounts were taken. Purchases were all made f.o.b. shipping point. Northwest paid freight charges of $8,100. Inventory with an invoice amount of $4,100 was returned for credit. Cost of goods sold for the year was $362,000. Northwest uses a perpetual inventory system.
Assuming Northwest uses the gross method to record purchases, what is the cost of goods available for sale?
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