Crystal Lake Corporation’s accounting records show the following at yearend December 31, 2012:

Assuming that Crystal Lake Corporation uses the periodic system, compute

(a) cost of goods purchased and

(b) cost of goods sold.

Transcribed Image Text:

Purchase Discounts $ 5,900 Freight-in Freight-out Purchases Beginning Inventory $31,720 8,400 Ending Inventory 27,950 11,100 Purchase Returns 3,600 162,500