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For the current fiscal year, Purchases were $170,000, Purchase Returns and Allowances were $3,200 and Freight In was $11,000. If the beginning merchandise inventory was

For the current fiscal year, Purchases were $170,000, Purchase Returns and Allowances were $3,200 and Freight In was $11,000. If the beginning merchandise inventory was $120,000 and the ending merchandise inventory was $77,000, the Cost of Goods Sold is:

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  • $198,800
  • $220,800
  • $227,200
  • $112,800

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