Question: Assuming the periodic inventory system is used for the current year, the following data were taken from the accounting records: Purchases $250,000 Purchase returns and

Assuming the periodic inventory system is used for the current year, the following data were taken from the accounting records: Purchases $250,000 Purchase returns and allowances $5,000 Discount received $2,000 Freight-in $4,000 Beginning inventory $45,000 Ending inventory $65,000 What was the amount for net purchases? a. $292,000. b. $246,000. c. $241,000. d. $245,000.

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