3 Question 10 As part of the closing process, should dividends be closed to retained earnings? True False Company records how the word on December 31 Purchase Discounts $11.200 15.800 Purchases 700,020 Beginning Inventory 47,000 Ending Inventory 57,600 Purchase Returns and Allowances 12,800 Using the periodic inventory costing system, the cost of goods sold is... $708,420 $691,620 $660,420 $681,020