BES-11 Assume that Kowloon Company uses a periodic inventory system and has these Compute net purchases and account balances (in thousands): Purchases W430,000; Purchase Returns and Allowances cost of goods purchased W13,000, Purchase Discounts W8,000, and Freight-In W16,000. Determine net purchases LO 7 and cost of goods purchased BES-12 Assume the same information as in BES-11 and also that Kowloon Company has Compute cost of goods sold beginning inventory (in thousands) of W60,000, ending inventory of W86,000, and net and gross profit. sales of W680,000. Determine the amounts to be reported for cost of goods sold and gross LO7) profit BES-13 Prepare the journal entries to record these transactions on Huntington Company's Journalice purchase books using a periodic inventory system (a) On March 2, Huntington Company purchased E900,000 of merchandise from Saunder L07) transactions Company, terms 2/10, n/30 b) On March 6, Huntington Company returned E184,000 of the merchandise purchased on March 2 (c) On March 12, Huntington Company paid the balance due to Saunder Company BES-14 A.Hall Company has the following merchandise account balances: Sales Revenue Prepare closing entries fo 180,000, Sales Discounts $2,000, Purchases $120,000, and Purchases Returns and Allowmerchandise accounts ances $30,000. In addition, it has a beginning inventory of $40,.000 and an ending inven- Lo ory of $30,000. Prepare the entries to record the closing of these items to Income Summary using the periodic inventory system