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Northwest Fur Company started 2024 with $103,000 of inventory on hand. During 2024, $590,000 in...

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Accounting

Northwest Fur Company started 2024 with $103,000 of inventory on hand. During 2024, $590,000 in inventory was purchased on account with credit terms of 3/15, n/45 . All discounts were taken. Purchases were all made f.o.b. shipping point. Northwest paid freight charges of $8,600. Inventory with an invoice amount of $3,400 was returned for credit. Cost of goods sold for the year was $369,000. Northwest uses a perpetual inventory system.

What is ending inventory assuming Northwest uses the gross method to record purchases?

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