Can you correct the table below and show how to calculate the cost of goods available for sale

End of Chapter Exercise 5.2 Your answer is partially correct. Try again. The trial balance of Francine Pty Ltd at the end of its financial year, 30 June 2016, includes these accounts: Beginning Inventory $60,220; Purchases $495,510; Sales $639,890; Sales Returns and Allowances $9,000; Freight-out $3,090; Purchase Returns and Allowances $6,360. The ending inventory is $87,070. Required Prepare the cost of sales section of the statement of profit or loss for the year ending 30 June 2016. Francine Pty Ltd Statement of profit or loss (partial) for the year ended 30 June 2016 Beginning inventory 1 July 2015 60220 Purchases 495510 Less Purchase returns and allowances 6360 X Net purchases 445650 Cost of goods available for sale 700110 Ending inventory 30 June 2016 87070 Cost of sales 321530 Click if you would like to Show Work for this question: Open Show Work