E8-11 Cost of Goods Sold Calculation LO3 The accounts of Berrett Company have the following balances for 2017: Purchases Inventory, January 1, 2017 780,000 4144 Purchase returns.. 120,000 22,920 Purchase discounts. 2,640 Freight in 37,200 Freight out (selling expense). 7,200 Cash 12,000 The inventory count on December 31, 2017, is &144,000. Using the information given, compute the cost of goods sold for Berrett Company for 2017