2. The following balances were reported by Mack Co. at December 31, 2017 and 2016: Inventory Accounts Payable 12/31/17 $120,000 40,000 12/31/16 $160,000 25,000 Mack Co. paid vendors $240,000 during the year ended December 31, 2017. What amount should Mack Co. report for cost of goods sold in 2017? $185,000 $215,000 $265,000 $240,000 $295,000 The CQ Company uses the periodic method for inventory. All sales and purchases are on credit. How does CQ account for a return of merchandise to a vendor? a) Debit Purchase Return, Credit Accounts Payable b) Debit Accounts Payable, Credit Purchases Receivable c) Debit Cost of Goods Sold, Credit Inventory d) Debit Accounts Payable, Credit Inventory Debit Accounts Payable, Credit Purchase Return O