5. LoCo, which uses the periodic method, purchases merchandise on account for $56,000, F.O.B. shipping point. Freight charges are $900 C.O.D. LoCo should record these purchases as a. Purchases 56,000 Accounts Payable Cash 55,100 900 b. Purchases 56,900 Accounts Payable Cash 56,000 900 c. Purchases Freight-In 56,000 900 Accounts Payable Cash 56,000 900 d. Purchases Freight-Irn 55,100 900 Accounts Payable Cash 55,100 900