Argo Corporation began 2023 with $96,000 of merchandise inventory on hand. During 2023, $508,000 of...
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Accounting
Argo Corporation began 2023 with $96,000 of merchandise inventory on hand. During 2023, $508,000 of merchandise was purchased on account with credit terms of 3/10, n/30. All discounts were taken. Purchases were all made f.o.b. shipping point. Argo paid freight charges of $9,250. Merchandise with an invoice amount of $12,500 was returned for credit. Cost of goods sold for the year was $439,000. Argo uses a perpetual inventory system. Assuming Argo uses the gross method to record purchases, what is the cost of goods available for sale?
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