The following amounts relate to the current year for the Ira Company:

Beginning inventory

$ 20,000

Ending inventory

28,000

Purchases

166,000

Purchase returns

4,800

Freight-out

6,000

The amount of cost of goods sold for the period is:

  1. $169,200.
  2. $162,800.
  3. $153,200.
  4. $147,200.