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Elena L [17]
3 years ago
6

Northwest Fur Co. started the year with $92,000 of merchandise inventory on hand. During the year, $425,000 in merchandise was p

urchased on account with credit terms of 1/15, n/45. All discounts were taken. Northwest paid freight-in charges of $7,000. Merchandise with an invoice amount of $5,000 was returned for credit. Cost of goods sold for the year was $372,000. What is ending inventory
Business
1 answer:
Artyom0805 [142]3 years ago
8 0

Answer:

$ 142,800.00  

Explanation:

The ending inventory can be computed by rearranging the cost of goods sold formula:

cost of goods sold=Beginning inventory+net purchases-ending inventory

ending inventory=beginning inventory+net purchases-cost of goods sold

beginning inventory is $92,000

Net purchases=purchases-discount+freight-in charges-purchase return

net purchases=$425,000-($425,000*1%)+$7000-($5000*99%)=$422,800.00  

cost of goods sold is $372,000

ending inventory=$92,000+$422,800-$372,000=$ 142,800.00  

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