What is the total cost of goods available for sale

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Question - Waldo & Sons started 2021 with $107,000 of merchandise inventory on hand. During 2021, $530,000 in merchandise was purchased on account with credit terms of 2/15, n/45. All discounts were taken.

Purchases were all made f.o.b. shipping point. Waldo & Sons paid freight charges of $8,200.

Merchandise with an invoice amount of $4,400 was returned for credit.

Cost of goods sold for the year was $363,000.

Waldo & Sons uses a perpetual inventory system.

Assuming Waldo & Sons uses the gross method to record purchases, what is the total cost of goods available for sale?

Reference no: EM133096334

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