16. Phabulous Phil's Inc. sells assorted items to farms and farm families. For 1996, the following data are available: Inventory, 1/1/96 $ 900 Inventory, 12/31/96 600 Purchases Freight-in on purchases 100 5,800 Cost of goods sold for 1996 is: a. 6,100 b. 6,300 c. 6,400 d. 10,400 e. 6,200 7. Pete Marwik purchased a lumber tract for $20,000 and has incurred costs of $2,000 in developing it. The