Exercise 5-16 Below are the cost of goods sold sections for the most recent two years for two companies using a periodic inventory system: Fill in the numbered blanks to complete the cost of goods sold sections. Company 1 Year 1 Year 2 Company 2 Year 1 Year 2 Beginning inventory $180 g $1,020 $ Purchases 1,620 8,740 Purchase returns and allowances 50 110 220 370 Purchase discounts 50 140 100 Net purchases 1,790 6,980 Freight in 110 590 Cost of goods purchased 7,830 Cost of goods available for sale 2,250 Ending inventory 360 1,300 1,420 Cost of goods sold 1,470