Question: How do you do this? Northwest Fur Co. started 2021 with $109,000 of merchandise inventory on hand. During 2021, $590,000 in merchandise was purchased on

How do you do this? Northwest Fur Co. started 2021 with $109,000 How do you do this?

Northwest Fur Co. started 2021 with $109,000 of merchandise inventory on hand. During 2021, $590,000 in merchandise was purchased on account with credit terms of 2/15, n/45. All discounts were taken. Purchases were all made fo.b. shipping point. Northwest paid freight charges of $7,600. Merchandise with an invoice amount of $3,400 was returned for credit. Cost of goods sold for the year was $367,000. Northwest uses a perpetual inventory system. What is ending inventory assuming Northwest uses the gross method to record purchases

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