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 $190 $940 $ Purchases 1,530 7,800 50 110 360 Purchase returns and allowances Purchase discounts 200 160 50 90 Net purchases 1,770 7,060 Freight in 130 580 Cost of goods purchased 7,240 Cost of goods available for sale 2,280 Ending inventory 320 1,130 1,630 Cost of goods sold 1,480