Question: Assuming the periodic inventory system is used for the current year, the following data were taken from the accounting records: Purchases $500,000 Purchase returns and

Assuming the periodic inventory system is used for the current year, the following data were taken from the accounting records:

Purchases $500,000

Purchase returns and allowances $8,000

Discount received $2,000

Freight-in $4,000

Beginning inventory $90,000

Ending inventory $130,000

What was the amount for cost of goods purchased?

a. $588,000.

b. $496,000.

c. $584,000.

d. $586,000.

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