Lantern Company had cost of goods sold of $145,000. The beginning and ending inventories were $15,000 and $25,000, respectively. Purchases for the period must have been

a. $136,000.

d. $170,000.

b. $160,000.

e. $185,000.

c. $155,000.

Use the following information for questions 12–14.

Fairway Company had a $28,000 beginning inventory and a $35,000 ending inventory.

Net sales were $184,000; purchases, $93,000; purchase returns and allowances, $7,000; and freight-in, $3,000.