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.