What is ending inventory assuming northwest use gross method

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Accounting

Northwest Fur Co. started 2016 with $114,000 of merchandise inventory on hand. During 2016, $410,000 in merchandise was purchased on account with credit terms of 2/15, n/45. All discounts were taken. Purchases were all made f.o.b. shipping point. Northwest paid freight charges of $8,300. Merchandise with an invoice amount of $4,000 was returned for credit. Cost of goods sold for the year was $373,000. Northwest uses a perpetual inventory system. What is ending inventory assuming Northwest uses the gross method to record purchases?

Reference no: EM131322905

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