Assume that Concord Corporation uses a periodic inventory system and has these account balances: Purchases $ 370,200; Purchase Returns and Allowances $ 10,900; Purchase Discounts $ 7,900; and Freight-in $ 15,600. Determine net purchases and cost of goods purchased.

Assume that Concord Corporation uses a periodic inventory system and has these account balances: Purchases $ 370,200; Purchase Returns and Allowances $ 10,900; Purchase Discounts $ 7,900; and Freight-in $ 15,600. Determine net purchases and cost of goods purchased. Net purchases $ 389,000 Cost of goods purchased $ 404,600