Aerosmith Company's accounting records show the following at the year-end December 31, 2010. Purchase Discounts Freight-in Purchases

Aerosmith Company's accounting records show the following at the year-end December 31, 2010.

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Purchase Discounts Freight-in Purchases Beginning Inventory Ending Inventory Purchase Returns $ 3,400 6,100 162,500 18,000 20,000 .5,200 Assuming that Aerosmith Company uses the periodic system, compute (a) cost of goods purchased and (b) cost of goods sold.