BE5.11 (LO 7) Assume that Kowloon Electronics uses a periodic inventory system and has these account balances (in thousands): Purchases W430,000; Purchase Returns and Allowances W13,000; Purchase Discounts W8,000; and Freight-In W16,000. Determine net purchases and cost of goods purchased. BE5.12 (LO 7) Assume the same information as in BE5.11 and also that Kowloon Electronics has beginning inventory (in thousands) of W60,000, ending inventory of W86,000, and net sales of W 680,000. Determine the amounts to be reported for cost of goods sold and gross profit