Crystal Lake Corporation”s accounting records show the following at yearend December 31, 2012:
|
Purchase Discounts |
$5,900 |
Beginning Inventory |
$31,720 |
|
Freight-in |
8,400 |
Ending Inventory |
27,950 |
|
Freight-out |
11,100 |
Purchase Returns |
3,600 |
|
Purchases |
162,500 |
Assuming that Crystal Lake Corporation uses the periodic system, compute (a) cost of goods purchased and (b) cost of goods sold.