The ending inventory of northwest fur, assuming its uses the gross method to record purchases equals to $167,996.
<h2>What is an Inventory?</h2>
An inventory means the goods that a business holds for the ultimate resale, product, or utilization.
We are going to calculate Cost of goods sold: The formula is: "Opening Inventory + Purchases - Purchase return - discount availed on purchases + freight paid- Ending inventory"
The discount to be availed on purchases:
= (Purchases- purchase Return) x discount rate
= (430000 - 4900) x 4%
= $17004
So, the cost of goods sold:
= Opening Inventory + Purchases - Purchase return - discount availed on purchases + freight paid- Ending inventory
361000 = 112000 + 430000 + 8900 - 17004 - 4900 - Ending inventory
361000 = 528996 - Ending inventory
Ending inventory = 528996 - 361000
Ending inventory = $167,996
Missing words "<em>what is ending inventory assuming northwest uses the gross method to record purchases?"</em>
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