The following amounts relate to the current year for the Rod Buckley Company:

Beginning inventory

$ 40,000

Ending inventory

56,000

Purchases

332,000

Purchase returns

9,600

Freight-out

12,000

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

  1. $338,400.
  2. $325,600.
  3. $306,400.
  4. $294,400.