Northwest Fur Company started the year with $91,000 of inventory on hand. During the year, $450,000 in inventory was purchased on account with credit terms of 1/15, n/45. All discounts were taken. Northwest paid freight-in charges of $8,000. Inventory with an invoice amount of $4,200 was returned for credit. Cost of goods sold for the year was $376,000. What is ending inventory? 3 012126 Multiple Choice $164,342 $74,000 $160,337 $168,800
Northwest Fur Company started the year with $91,000 of inventory on hand. During the year, $450,000 in inventory was purchased on account with credit terms of 1/15, n/45. All discounts were taken. Northwest paid freight-in charges of $8,000. Inventory with an invoice amount of $4,200 was returned for credit. Cost of goods sold for the year was $376,000. What is ending inventory? 3 012126 Multiple Choice $164,342 $74,000 $160,337 $168,800
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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