Grand Lake Corporation’s accounting records show the following at yearend December 31, 2010:
|
Purchase Discounts |
$5,700 |
Beginning Inventory |
$31,720 |
|
Freight in |
$8,400 |
Ending Inventory |
$27,950 |
|
Freight out |
$11,100 |
Purchase Returns |
3,200 |
|
Purchases |
162,500 |
Assuming that Grand Lake Corporation uses the periodic system, compute (a) cost of goods purchased and (b) cost of goods sold.