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A company using the periodic inventory system has the following account balances: Inventory at the beginning of the year, $3,757; Freight-In, $470; Purchases, $15,018; Purchases

A company using the periodic inventory system has the following account balances: Inventory at the beginning of the year, $3,757; Freight-In, $470; Purchases, $15,018; Purchases Returns and Allowances, $2,297; Purchases Discounts, $240. The cost of merchandise purchased is equal to:

a.$15,018

b.$12,951

c.$21,782

d.$14,268

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