Mountain Lake Corporation’s accounting records show the following at year-end December 31, 2014:

Purchase Discounts $ 5,900 Beginning Inventory $31,720 Freight-In 8,400 Ending Inventory 27,950 Freight-Out 11,100 Purchase Returns and Purchases 162,500 Allowances 3,600 Assuming that Mountain Lake Corporation uses the periodic system, compute

(a) cost of goods purchased and

(b) cost of goods sold.

AppendixLO1