Problem
Mountain Lake Corporation's accounting records show the following at year-end December 31, 2014:
|
Purchase Discounts
|
$5,850
|
Beginning Inventory
|
$33,510
|
|
Freight-In
|
9,690
|
Ending Inventory
|
28,960
|
|
Freight-Out
|
11,510
|
Purchase Returns and Allowances
|
4,060
|
|
Purchases
|
165,460
|
|
|
Assuming that Mountain Lake Corporation uses the periodic system, compute cost of goods purchased and cost of goods sold.