Business, 28.12.2019 04:31 bxbykay1

Northwest fur co. started 2016 with $94,000 of merchandise inventory on hand. during 2016, $400,000 in merchandise was purchased on account with credit terms of 1/15, n/45. all discounts were taken. purchases were all made f. o.b. shipping point. northwest paid freight charges of $7,500. merchandise with an invoice amount of $5,000 was returned for credit. cost of goods sold for the year was $380,000. northwest uses a perpetual inventory system. assuming northwest uses the gross method to record purchases, what is the cost of goods available for sale?
a. $492,500.
b. $496,500.
c. $490,500.
d. $492,550.

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Northwest fur co. started 2016 with $94,000 of merchandise inventory on hand. during 2016, $400,000...

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