Assume that Mitchell Company uses a periodic inventory system and has these accour balances: Purchases $570,000; Purchase Returns and Allowances $14,000; Purchases Discounts $9,000; and Freight-In $15,000. Determine net purchases and cost of goods purchased. 7. Hansen Company uses the periodic inventory method and had the following inventory information available: Units Unit Cost Total Cost 1/1 Beginning Inventory 100 $3 $ 300 1/20 Purchase 500 $4 2,000 7/25 Purchase 100 $5 500 10/20 Purchase 300 $6 1.800 1.000 $4,600 A physical count of inventory on December 31 revealed that there were 375 units on hand. 1. Assume that the company uses the FIFO method. The value of the ending inventory at December 31 is $ 2. Assume that the company uses the average cost method. The value of the ending inventory on December 31 is $ 3. Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is $ Assume that Mitchell Company uses a periodic inventory system and has these account