Calculate the cost of goods sold for a merchandiser using the periodic inventory system from the following details.

Purchases	$510,000
Beginning Merchandise Inventory	175,000
Purchase Returns and Allowances	50,000
Purchase Discounts	12,000
Freight In	18,000
Ending Merchandise Inventory	160,000

Group of answer choices

$510,000

$481,000

$499,000

$801,000