column; and Statement of financial position debit column. BE5.11 (LO 7) Assume that Kowloon Electronics uses a periodic inventory system and has these account balances (in thousands): Purchases 430,000; Purchase Returns and Allowances 13,000; Purchase Discounts W8,000; and Freight-In 16,000. Determine net purchases and cost of goods purchased. Compute net purchases and cost of goods purchased. *BE5.12 (LO 7) Assume the same information as in BES.11 and also that Kowloon Electronics has beginning inventory (in thousands) of 60,000, ending inventory of 86,000, and net sales of W680,000. Determine the amounts to be reported for cost of goods sold and gross profit. Compute cost of goods sold and gross profit. *BE5.13 (LO 7) Prepare the journal entries to record these transactions on Huntington Kitchen's books using a periodic inventory system. Journalize purchase transactions.