Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. northwest fur company started 2024 with $97,000 of

Northwest Fur Company started 2024 with $97,000 of inventory on hand. During 2024,$470,000 in inventory...

90.2K

Verified Solution

Question

Accounting

image

Northwest Fur Company started 2024 with $97,000 of inventory on hand. During 2024,$470,000 in inventory was purchased on account with credit terms of 4/15, n/45. All discounts were taken. Purchases were all made f.o.b. shipping point. Northwest paid freight charges of $7,500. Inventory with an invoice amount of $4,100 was returned for credit. Cost of goods sold for the year was $376,000. Northwest uses a perpetual inventory system. Assuming Northwest uses the gross method to record purchases, what is the cost of goods available for sale? Multiple Choice $570,400 $578,300 $551,600 \$551,764

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

6 Select all shapes that have a volume of 36T Check all that apply Option...

Basic Math
Q

Fresno Fiber Optics, Inc.manufactures fiber optic cables for the computerand telecommunicationindustries. At the...Fresno Fiber...

Accounting
Q

Air flows in a converging-diverging nozzle. The nozzle throat area is 50 cm2. The total pressure...

Mechanical Engineering
Q

Some examples of wave motion are given the following options In which case was motion...

Physics
Q

A bob of mass m suspended by a string of length is given a minimum...

Physics
Q

Arc CD is of the circumference of a circle What is the radian measure of...

Geometry
Q

6 61 A C 5

Geometry
Q

21 Find x 7 45 201 60

Basic Math
Q

Does correlation imply causation in the amount of hamburgers/chicken cooked on the grill and the...

Basic Math
Q

Use the following to calculate the Direct Materials Cost Standard per square foot: Direct materials...

Accounting
Q

Hamilton Company uses a normal job-order cost system. Manufacturing overhead is applied using a predetermined...

Accounting
Q

Your mother is planning to retire this year. Her firm has offered her a lump-sum...

Finance