Axle Inc. updates its inventory perpetually. Its beginning inventory is $35,000, goods purchased during the period cost $120,000, and the cost of goods sold for the period is $140,000. What is the amount of the ending inventory?

a.$45,000

b.$20,000

c.$25,000

d.$15,000

Manning Company updates its inventory periodically. The company's beginning inventory was $2,700 and purchases were $5,600 during the year. The company's ending inventory count was $5,000. What was the amount of its cost of goods sold?

a.$3,300

b.$8,300

c.$13,300

d.$2,100