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  3. northwest fur company started 2024 with $94,000 of

Northwest Fur Company started 2024 with $94,000 of inventory on hand. During 2024,$400,000 in inventory...

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Accounting

Northwest Fur Company started 2024 with $94,000 of inventory on hand. During 2024,$400,000 in inventory was
purchased on account with credit terms of 115,n45. 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 $5,000 was returned for credit. Cost
of goods sold for the year was $380,000. 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
$492,500
$492,550
$490,500
$496,500
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