Northwest Fur Co. started the year with S93,000 of merchandise inventory on hand. During the year, $450,000 in merchandise was purchased on account with credit terms of 1/15, n/45. All discounts were taken. Northwest paid freight-in charges of S8,000. Merchandise with an invoice amount of $4,800 was returned for credit. Cost of goods sold for the year was $378,000. What is ending inventory? $153,743. $168,200. $163,748.

Northwest Fur Co. started the year with S93,000 of merchandise inventory on hand. During the year, $450,000 in merchandise was purchased on account with credit terms of 1/15, n/45. All discounts were taken. Northwest paid freight-in charges of S8,000. Merchandise with an invoice amount of $4,800 was returned for credit. Cost of goods sold for the year was $378,000. What is ending inventory? $153,743. $168,200. $163,748.

Name: Northwest Fur Co. started the year with S93,000 of merchandise invent
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Description: Northwest Fur Co. started the year with S93,000 of merchandise inventory on hand. During the year,$450,000 in merchandise was purchased on account with credit terms of 1/15, n/45. All discounts weretaken. Northwest paid freight-in charges of $8,000.

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 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...

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